Partnership to Renovate Historic Structure

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(Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.) (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

Massachusetts-based tax credit advisory firm Cherrytree Group LLC announced that it partnered with Purple Vetech Properties and received unusually large grants of tax credits to renovate a historic former school in Shelbyville. The firm, which funded $900,000 for the project, also secured $2.4 million in federal tax credits. 

The 107-year-old building is listed in the National Register of Historic Places and also with the Indiana State Historic Preservation Office. On top of that, it was converted into an apartment complex 25 years ago, making it not only a recognized historic structure but also a space with a past and potential future use as affordable housing for Indiana residents. 

This dual-use made the property eligible for large tax credits and special financing. The rehabilitation plan will update the building while staying true to the historic details from when it was the town’s high school from 1911 until the early 1990s. 

Using a fund opened earlier this year, Cherrytree partnered with developer Purple Vetech Properties of Santa Rosa, CA to renovate the building. 
Purple Vetech is using Federal low-income housing tax credits from the Indiana Housing and Community Development Authority, federal historic tax credits, IHCDA private activity bonds, and a State of Indiana Housing grant.

The finished building will be designated for low-income residents. Cherrytree President Warren Kirshenbaum said the company wants to make it possible for residents to live in modern, private apartments that will help create a more vibrant community.

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