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Indianapolis receives $39M loan guarantee from HUD

IBJ Staff
November 20, 2012
Keywords
Banking & Finance, Development/Redevelopment, Economic Development, Government & Economic Development, Housing Starts, Loans, Real Estate & Retail, Urban development
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U.S. Housing and Urban Development has approved a $39 million loan guarantee to the city of Indianapolis to establish a Community and Economic Development Loan Pool.

Under the program announced Monday, the city’s Department of Metropolitan Development will be able to originate loans to provide financing for economic development and housing rehabilitation initiatives to benefit people of low and moderate incomes.

The city estimates its Community and Economic Development loans will create the equivalent of 470 new full-time jobs. More than half the jobs created through the loan program will be made available to low- and moderate-income people, HUD said.

HUD’s Section 108 Loan Guarantee Assistance Program enables cities to borrow money from private investors at reduced interest rates to promote economic development, stimulate job growth and improve public facilities.
 

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  • Don't hold your breath
    BenNovember 20, 2012 11:42 AM
    I am all for creating jobs and simulating economic activity and growth, but I question if that will actually happen with this money. Having lived in Indy for a short time, I will assume this money will be divided out to developers, investors, etc who are pals with the high ranking city officials and the mayor to line someone's pockets. Some development will be made but not nearly to the extent that it should be.
    Reply to CommentFlag Comment

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  1. Doug Henning!

  2. These guy were thugs — they grew up in freaking Haughville! Smh, sigh. If the mayor needs/wants "quality" Black Hoosiers who are NOT corrupt, give me a call — I know plenty. Land bank info here - http://www.kubepharm.com/indylandbank/IndyLandBank.html

  3. Magician and illusionist!

  4. The basic idea of nice apartments with parking and retail is a good one, but this design seems overwhelmingly big/tall for Broad Ripple. The size could be disguised a bit with lots of big trees/landscaping, but the complex is too massive to blend in easily. That section of canal between College and Westfield will also need to be upgraded on both sides. Nice apartments facing onto a nice promenade with shade trees/plantings could bring together the canal towpath/Monon recreation, the outdoor seating at existing restaurants, and this project into something that upgrades the whole area. A plan for the whole stretch makes more sense than facing nice new housing onto what looks like a ditch. Is there a plan? Does the public have input? Who pays? The apartment idea seems to be reasonable, but Whole Foods is not a good idea for appropriate retail. Besides the store being physically too big, there are already Fresh Market at 54xCollege and Whole Foods in Nora for fancy groceries. Good Earth and Kroger are within walking distance of the Shell site. There are at least 7 grocery stores within a safe bike ride. Whole Foods would add nothing but traffic congestion. This design is on the right track, but there needs to be more work done to ensure that it blends in with and enhances the existing community. A project that large will set a tone for that whole part of town. It could be a real asset, but only if done right.

  5. I did not move to Zionsville to live in Carmel. This and the subsequent developments to follow will ensure a vanilla uniformity of strip malls and apartment buildings as we seek to bring our town down to the least common denominator. We were warned before recent elections that pro-development council members would make sure their friends (landowners and developers) would be able to make their millions off of the exploitation of Zionsville. Why in God's name would we sell out the best preserved small town in the State of Indiana?

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