City receives $4.9 million for homeless initiatives

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The city of Indianapolis has received a $4.9 million federal grant that it will use to provide housing for the homeless.

A total of $2.8 million of the award will be used in partnership with three area organizations to furnish new housing for 69 people. The additional $2.1 million will enable the city to renew 15 supportive housing projects.

From the $2.8 million, more than $1.3 million will be used for a Partners in Housing Development Corp. project. The locally based organization is acquiring an existing apartment complex at 310 N. Shortridge St. on the city’s east side. The complex consists of 121 two-bedroom units spread across 11 buildings. Twenty-nine of the units will be dedicated for homeless families with a disabled member.

Wishard Health Services’ Midtown Community Health Center will receive $1.1 million to create a 30-unit shelter to serve the chronically homeless, mentally ill, and drug or alcohol addicted, in addition to those who may be infected with the HIV/AIDS virus.

Dove Recovery House for Women on the city’s near-east side will receive $315,000 to create an additional 10 beds for transitional housing.

The grant, issued by the U.S. Department of Housing and Urban Development, is through a program called the Continuum of Care.


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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

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