The Miller Parrott Lofts project represents a significant historical preservation and community development effort in Terre Haute, Indiana. The project involves the extensive rehabilitation of the iconic Miller-Parrott Baking Company building, originally constructed in 1915, transforming it into a modern residential space. By repurposing this historic landmark, the development preserves the architectural heritage of the area while creating 50 new affordable apartments, providing a vital housing resource for local residents.
The financing for this ambitious redevelopment was made possible through the Low Income Housing Tax Credit (LIHTC) program. This federal program provides incentives for private equity investment in affordable housing, ensuring that the project remains financially viable while keeping rent costs low for tenants. Because of this funding structure, the Miller Parrott Lofts serve as a critical component of the city’s infrastructure, addressing the growing demand for high-quality, subsidized housing options in the region.
To ensure the project serves those most in need, a specific number of units are strictly set aside for lower-income households. Eligibility for residency is based on the Area Median Income (AMI); specifically, qualifying households must earn either less than 50% or 60% of the AMI. This targeted approach ensures that the Miller Parrott development remains a dedicated space for individuals and families who require affordable living solutions, fostering a more inclusive and economically diverse community in Terre Haute.
