By JACK WEATHERLY
The Capitol Art Lofts, a 31-unit project in downtown Jackson announced three years ago this month by HRI Properties of New Orleans, has moved closer to becoming a reality.
The Legislature has raised the cap on Historic Tax Credits by $60 million to bring it to $120 million, according to Jim Woodrick, director of the Mississippi Department of Archives and History.
The 10-year-old program started with $60 million, which was exhausted last year, leaving HRI Properties $2 million short in its $10.4 million plan to transform seven buildings on Capitol Street across from the King Edward hotel.
The project “plans have been approved by the National Park Service,” Woodrick said.
Assuming HRI completes the work as approved, it will be granted the credit, he said. .
Raising the cap is “really good news for some good projects,” Woodrick said.
Joshua Collen, vice president for development for HRI, said Tuesday said the he expects the deal to close in about 45 days and the project to be completed in 12 months.
It includes a $1 million low-interest loan from the city of Jackson.
Capitol Art Lofts calls for apartments geared to be affordable for creative persons, ranging from artists to those working in the healing arts of medicine.
Rent for 26 apartments are set for whose income is no more than 60 percent of the area median income, according to HRI. Rent for the other five units is restricted for those whose income is no more than 30 percent of the area median income.
HRI partnered with local developer David Hawkins on the renovation of the King Edward and Standard Life building, though he is not teaming with HRI on the lofts.
Founded in 1982, HRI completed 70 large-scale projects and describes itself as “a national leader in the adaptive reuse of historic structures and redevelopment of neighborhoods.”
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