Washington, DC (October 2, 2003) – This afternoon, the National Trust for Historic Preservation recognized the restoration of the Indiana Cotton Mill in Cannelton, Ind., with its prestigious National Preservation Honor Award. The honorees received one of 21 national awards presented by the National Trust at its week-long 2003 National Preservation Conference in Denver, Colo.

Touted as one of the most impressive pre-Civil War mills in the Midwest, the five-story Indiana Cotton Mill was built in 1849 and operated continuously for over 100 years. When the mill closed in 1954, it remained boarded up and deteriorating for almost 50 years, until a community-based nonprofit group brought it back to life. Instead of turning it into a museum, a shopping mall or a basketball arena, as some had suggested, developers transformed the twin-towered mill into 70 units of affordable housing in an effort that involved more than a dozen partners and tapped funding sources ranging from investor equity and foundation grants to Historic Rehab and Low-Income Housing tax credits.

Besides addressing a long-standing housing shortage, the dramatic rebirth of this white elephant is boosting the tiny community's population and sparking other reinvestment. The completed project has restored the anchor of Cannelton's downtown historic district and is serving the documented need for safe and affordable rental housing in the community.

"The Indiana Cotton Mill illustrates how the restoration of historic structures can revitalize economic viability to communities and provide safe affordable housing for residents." said Richard Moe, president of the National Trust for Historic Preservation. "The folks who worked on this project have not only brought new life to the historic mill, they have revitalized the entire Cannelton community."

Co-nominees honored at the award ceremony include the Lincoln Hills Development Corporation, City of Cannelton, Spencer County Bank, Geneva Capital Group, Bloomfield State Bank, Alliant Asset Management, Perry County Community Foundation, Federal Home Loan Bank of Indianapolis, Build Indiana Fund, Indiana Department of Commerce, Neighborhood Assistance Program, Indiana Housing Finance Authority, Indiana Department of Natural Resources, National Park Service, Midwest Regional Office, Brandt Construction, Inc., Ratio Architects, Inc., and Pioneer Development Services, Inc.

The National Preservation Honor Awards are bestowed on distinguished individuals, nonprofit organizations, public agencies and corporations whose skill and determination have given new meaning to their communities through preservation of our architectural and cultural heritage. These efforts include citizen attempts to save and maintain important landmarks; companies and craftsmen whose work restores the richness of the past; the vision of public officials who support preservation projects and legislation in their communities; and educators and journalists who help Americans understand the value of preservation.