Hamilton County Area Neighborhood Development is expanding into Boone County.
The Noblesville-based not-for-profit known as HAND has announced it will invest $2 million to acquire and renovate 17 duplexes in Lebanon into affordable apartments for low-income residents. It will be its first project outside Hamilton County.
Called Hickory Commons, the rental community is HAND’s first project outside of Hamilton County.
The project is expected to create 33 leasable units on two cul-de-sacs in Lebanon off Lafayette Avenue: Lafayette Court and Cedars Court.
One unit will be operated as an office for the property manager and will include a community room open to all residents.
Five of the apartments will be leased at market-rate rent, while the remaining 28 will be offered below the rent limits set annually by the U.S. Department of Housing and Urban Development.
The Hickory Commons duplexes were built in the 1950s and require renovations and updates, which are expected to take a year.
HAND has contracted with 7-3 Development Corp. to handle the work.
“Our mission is to provide housing and neighborhood development, and we don’t want to limit ourselves to one geographic area,” HAND Executive Director Jennifer Miller said in written comments. “Every community needs housing options, and we are well-positioned to help.”
Funding for the project came from the Indiana Housing and Community Development Authority, which gave $1 million from the federal Home Investment Partnerships Program, $500,000 from the state Community Development Block Grant program and $500,000 from a private loan though Lake City Bank.
Founded in 2003, HAND has invested more than $19 million in housing. It has built four apartment communities with a total of 82 units for seniors in Noblesville, Cicero and Sheridan, and renovated three historic buildings in downtown Noblesville to create 14 one-bedroom apartments that are not age-restricted.
In June, HAND will celebrate the opening of Home Place Gardens, a rental community in Carmel that includes eight one- and two-bedroom apartments for seniors.