The 921 Project led by Bloomington Cooperative Living has secured $978,000 to renovate a long-vacant single-family home into an affordable-housing cooperative with 18 rooms.
The property located at 921 West Ninth Street will receive a full interior renovation and expansion to include eight two-bedroom suites and two shared kitchens available to families earning under 50% of the area median income. Bloomington’s housing study completed in 2019 identified a need for 2,592 new housing units by 2030 to accommodate projected population growth.
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“The 921 house is a leap forward for our organization and the continued expansion of affordable, community-oriented housing in Bloomington,” BCL President Zackary Dunivin said. “BCL is tremendously pleased with the cooperative spirit that has driven the project, from financing to community and municipal engagement.”
The project received a $408,000 loan from CDFI Friendly Bloomington that then allowed them to secure an additional $425,000 investment from Boston-based Local Enterprise Assistance Fund. Another $120,000 came from the City of Bloomington’s Housing Development Fund.
BCL intends for the suites to appeal to young families with rent projections considered “highly affordable” at $400 a month for a single room and $520 for a two-bedroom suite.
