Hamilton County Area Neighborhood Development is hoping to bring more affordable senior housing options to Tipton.
The Noblesville-based not-for-profit known as HAND has proposed building a $2.1 million, nine-unit rental property called Southwood Villas in the city of about 5,100 people. It will be HAND's first project in Tipton and only its second outside of Hamilton County.
Southwood Villas is expected to take roughly an acre of vacant land on Southwood Drive, directly east of Tipton High School. The development will be part of an existing subdivision and complete development in the neighborhood.
HAND will use $2 million from the the Indiana Housing and Community Development Authority’s Home Investment Partnerships and Development Fund programs to fund most of the project and a bank loan to cover the rest.
“HAND is excited to become part of the Tipton community,” Executive Director Jennifer Miller said in a written statement. “We look forward to working with our new neighbors.”
Plans call for contain three single-story buildings, each with three 2-bedroom and 1-bathroom rental units. Residents must be at least 55 years old and earn no more than 60 percent of the median income. Rents for tenants will be based on income and family size.
HAND, founded in 2003, owns six rental communities in Hamilton County (Noblesville, Carmel, Cicero, Sheridan) that have a total of 96 rental units. It also has a 33-unit development in Lebanon in Boone County.