Affordable housing gets $2.3 million:

October 24, 2005

The City-County Council on Oct. 10 voted to allocate $1.5 million in federal grant money and $800,000 from the Indianapolis Housing Trust Fund toward affordable-housing efforts.

One project that will benefit from the federal money is the Rink-Savoy redevelopment at Illinois and Vermont streets, which will create 62 rental units and five condominiums for low-income households. That project will receive $235,000.

Westside Community Development Corp. will receive $248,000 to support the construction of 23 homes, all of which will be sold to low-income households on the near-west side.

The remainder of the federal funding from the U.S. Department of Housing and Urban Development will be awarded in coming months to not-for-profit community organizations through a competitive application process.

The $800,000 from the Indianapolis Housing Trust Fund will be allocated to specific projects after input from the fund's oversight committee. The fund includes $1 million contributed by Market Square Partners, the team chosen to redevelop the former site of Market Square Arena, and will also include money the city receives from the sale of the former Herron School of Art campus.
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