Housing agency buying its building for $2.1M

Back to TopCommentsE-mailPrintBookmark and Share

The Indianapolis Housing Agency is set to pay $2.1 million to purchase its headquarters on North Meridian Street, which the agency has leased the past 10 years.

The City-County Council’s Metropolitan Development Committee will consider a proposal Monday evening to allow IHA to take a 10-year loan to buy the 38,000-square-foot building at 1919 N. Meridian St.

IHA will use program fees it receives from Housing and Urban Development to pay the mortgage, IHA Executive Director Bud Myers said.

A lease extension the agency received from Indianapolis-based RSE Realty Inc., the building’s owner, is up in September. After negotiating, the two came to terms on a purchase agreement, Myers said.

“We looked around at other places and, after assessing the cost of moving, it just made sense to do what we’re doing now,” he said.

By purchasing the building, Myers estimated that IHA should save about $120,000 annually. It currently pays $30,000 in monthly rent.
If approved Monday evening, the proposal should be considered by the full City-County Council at its Aug. 15 meeting.

Myers hopes to close on the loan in mid-September.

IHA has undertaken a massive upgrade of its housing portfolio in recent years. More than 1,300 of its almost 1,800-unit portfolio are being upgraded and 229 units are being added.

As part of that, IHA broke ground late last month on a $30 million project to renovate Lugar Tower in downtown Indianapolis and build two mixed-income buildings at its base.


  • check the math
    let's see the IHA pro-forma over next 25 years, and whether all the capital/replacement costs for the roof, hvac, parking lots, etc. for that old building have been reserved for. Bet not. The real cost might look different.
  • What about property taxes
    Why would Center Twonship want to give up the property tax that the c urrent owner is having to pya. By IHA taking ownership that is money down the drain.

Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. Maybe if we treated the parents of juvie offenders who have 5 babies from 4 different daddies like stray cats and dogs who go around creating a bigger animal control problem, we wouldn't have so much of a "parenting" problem flooding both the social services and (later) correctional systems. The breakdown of morals and parental responsibilities from horndogs who can't keep it in their pants and keep their families together has caused this. If a pit bull attacks someone, it's destroyed. Everyone encourages that pets are spayed and neutered to control the pet population and prevent further issues. Maybe it's time to control the welfare population...

  2. Blocking two blocks of a street along Broadripple Ave. is not going to stop "pedestrians" from walking around. The article stated that seven people were injured as a result of a skirmish between two gun-toting "pedestrians"...not drive-bys. Most of the crimes that are committed in BR area are done by "pedestrians" that are walking in the area...not driving by. This may alleviate traffic going through the area and may steer some folks away from coming to the area because of the extra inconvenience but it will not stop a pedestrian, on foot from toting a gun while walking in that area....period.

  3. Please run for mayor Joe. We need someone to come in and clean house. They past two mayors have run administrations rampant with corruption. We need to clean house before corruption is accepted as normal like Chicago.

  4. Marriage is a religious sacrement ... civil / legal unions pertain to the various desires expressed by many in this debate. There is big difference between your civil right and my religious rite. Both are addressed in the constitution.

  5. This is a terrible idea. I have an enormous amount of respect and appreciation for all the men and women who wear a uniform and serve the Indy Metro area. They don't get paid enough for all the crap they have to take. Low Pay and Benefits. Every thug and crazy taking pot shots at them. The statistics, demographics, and data that we have accumulated for umpteen years DO NOT LIE. Let's focus on making sure that the politicians that are "mandating" this crap are living where THEY are supposed to be living. Let's make sure that the politicians are not corrupt and wasting resources before we start digging into the folks on the front lines trying to do a difficult job. Since we are "hip" to "great ideas" Let's round up all the thugs in the Indy Metro area who are on parole violation as well as those in Marion County Jail that are never going to be rehabilitated and ship them down to Central America or better yet...China. Let's see how they fare in that part of the world.