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Not-for-profit building affordable housing in Brownsburg

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A not-for-profit group serving people with disabilities has closed on financing to build a 72-unit affordable housing community in Brownsburg.

Sycamore Services Inc. has secured $8 million in federal tax credits for the apartment project, along with additional financing from the Indiana Housing and Community Development Authority and U.S. Bank, the group said Monday in a prepared statement.

The project, dubbed Commons at Wynne Farms, is planned for a tract on the south side of Brownsburg, near Dan Jones Road.

Unit sizes will range from studios to four bedrooms, and the complex will include an exercise room, library and community room. The developers plan to seek Leadership in Energy and Environmental Design certification for the project.

Residents in the community will be able to live independently while still accessing support services.

Indianapolis-based Herman & Kittle Properties Inc. will serve as general contractor and property manager. Construction is scheduled to begin this month.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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