Limestone Crossing Apartments will be located in Bloomington, IN. The city of Bloomington is best known as the home of Indiana University and the storied tradition of IU Basketball! This project involves the acquisition and rehab of our existing Canterbury House Apartments- Bloomington property. Previously made up of 174 affordable and 34 market rate units, the community will now consist of 100% affordable apartment homes, all at 60% of area median income. The bedroom mix will remain the same with 1, 2, and 3 bedroom apartment homes. The main renovations include adding washers and dryers to each apartment, new carpeting, new outdoor entertainment equipment, new playground and dog park, new kitchen appliances, 12 ADA units, 12 new garages, and the addition of perimeter fencing.
Limestone Crossing will be financed with tax-exempt bonds and Low Income Housing Tax Credits (LIHTC). The bonds will be purchased by Cedar Rapids Bank & Trust Company, who in turn will provide the construction/permanent loan. Regions Bank is the investor limited partner and will also provide the taxable bridge loan during construction and up until conversion.