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Local housing projects get $3.4M boost from tax credits

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Indiana has awarded more than $14.3 million in rental-housing tax credits to 20 developments, including $3.4 million for four projects in Marion County.

The local projects include new apartments for seniors, the developmentally disabled and homeless veterans. One of the projects will make use of a former barracks at Fort Benjamin Harrison, and another is part of a larger development at the former Central State Hospital grounds.

The funding comes through the federal Rental Housing Tax Credit Program, administered by the Indiana Housing and Community Development Authority.

Lt. Gov. Sue Ellspermann's office said the 2013 tax credit allocation will fund nearly 800 housing units and could leverage as much as $130 million in private capital. The IHCDA also granted $7 million in loans to 12 of the chosen projects.

Here's a rundown on the Indianapolis developments:

— BWI LLC will create 57 units for seniors through preservation and adaptive reuse of two vacant complexes, plus new construction, at Clifton Square on the northwest side. BWI received $1.1 million in credits and a $500,000 IHCDA loan for the project at 1100 and 1101 W. 30th St.

— Affordable Midwest Housing Corp. will rehab a former barracks building at Fort Harrison in Lawrence, creating 21 units for the developmentally disabled. The Merici Village project is at 5707-5709 Lawton Loop. Affordable Midwest received $326,000 in credits and a $400,000 IHCDA loan.

— The Retreat on Washington will be 62 new one- and two-bedroom apartments for seniors, part of a larger mixed-use development on the former Central State grounds. DBAC Development LLC received $1.2 million in credits. The site is at 3100 W. Ohio St.

— The Point on Fall Creek II will offer 50 new supportive-housing units for homeless veterans at the southwest corner of Allisonville Road and 46th Street. Partners in Housing Development Corp. received $782,514 in credits.

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  • IBJ Article on Clifton
    check this out
  • DBAC Development
    How is it that State tax credits are issued to an entity that isn't registered with the Secretary of State's office?

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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