“The ability for Hoosiers to maintain their independence into their golden years is a valuable asset to any community,” said Jacob Sipe, Executive Director of the Indiana Housing and Community Development Authority.
Batesville, Indiana (PRWEB) September 26, 2014
Following the success of Batesville, Indiana’s two year old RomWeber Flats development, Park Avenue Realty is proud to announce a ribbon cutting for a second phase, RomWeber II, on September 12, 2014. The addition of RomWeber Flats II offers another thirty, one and two bedroom apartments for seniors, bringing the total number of units to eighty-four. Amenities will be shared with RomWeber I and will provide an interior courtyard and assisted living options.
To better serve the needs of Indiana’s aging population, RomWeber has joined in partnership with Cincinnati based Nursing Care Management to offer assisted living options on the RomWeber campus. Assisted Living at RomWeber Flats is the first facility of its kind in the State of Indiana.
“The ability for Hoosiers to maintain their independence into their golden years is a valuable asset to any community,” said Jacob Sipe, Executive Director of the Indiana Housing and Community Development Authority. “The addition of assisted living options in the RomWeber Flats developments will enhance the lives of elderly citizens in Batesville, reducing isolation and limiting the cost of care.”
RomWeber II also reduces the cost to the State for assistance by almost $10,000 per resident, per month, for those who choose this service. The project has the potential to save the State in excess of $1.0 million a year.
This innovative approach will allow residents to age in place and to live independently using a combination of affordable housing and Medicaid waivers to offset the cost of care. “This unique combination of programs will make assisted living available to Hoosiers who would traditionally reside in nursing homes due to the lack of availability of assisted living,” noted Mike Scharfenberger, owner of Nursing Care Management.
Charles Anderson, Senior Vice President of City Real Estate Advisor, the Tax Credit Syndicator commented, “RomWeber Flats is a perfect example of a successful public / private enterprise. The benefits to the residents the property serves, are countless and the redevelopment that has occurred in the downtown Batesville market as a result of this development is truly remarkable. This property symbolizes what should come to all of our minds when we hear the words ‘affordable housing’.”
Funding for this project was arranged by 5/3 Bank Community Development Corporation, Salin Bank and Trust, FCN Bank, Indiana Housing and Community Development Authority, City Real Estate Advisors and the Indiana Economic Development Commission.
With the addition of RomWeber II, the total investment on the RomWeber Campus is now close to $17 million. This project has created 22 full time jobs and added three new businesses in downtown Batesville; a highly desirable community for senior living due to its proximity to Margaret Mary Health. Batesville also has the distinction of being one of the most walkable communities in the United States with a low crime rate and low cost of living.
About RomWeber Flats
RomWeber Flats is a 55 and over community with outstanding amenities including a movie room, beauty salon, library, tenant storage facility, community areas and the award winning Big Four Café. The Flats are located in the former manufacturing headquarters of the RomWeber Furniture Company, which was built in the early –mid 20th century. The RomWeber buildings are in downtown Batesville’s historic district and received the Rosemary Prentice Award from Indiana Landmarks.