Process

The Ray House will be owned and managed by LEAD Inc. The primary purpose of the grant will be for historic preservation. The building will also be used for LEAD Inc events and as a community center for local events.

The city of Gas City, Indiana will apply for a Community Focus Fund Gratn from the Indiana Office of Community and Rural Affairs. The proposal will be submitted by July 18, 2008, with the final application due September 2008. The process is quite competitive and it often takes two rounds for an application to be funded.

Costs

The entire budget for the Thompson-Ray House budget is estimated at $963,000. This includes $175,000 for purchase of the house, $668,000 for rehabilitation, and approximately $120,000 for architecture and professional fees. Funding sources include a Community Focus Fund grant of $483,500, historic tax credit equity of $134,460, and anticipated fundraising proceeds of $349,170. Businesses and individuals can pledge their support.