City Heights Apartment Homes, a proposed 200-unit apartment complex on Indianapolis’ south side, has received $33 million in tax-exempt bonds and about $3.2 million in tax credits from the state.
Carmel-based developer Pedcor Cos. has slated the low-to-moderate-income project for the southwest corner of Bixler Road and South East Street. The units are set to be spread across ten residential buildings with easy access to both Interstate 465 and U.S. 31.
The project was initially slated to be completed by the end of 2024. Now, the firm plans to break ground in January 2023 and have the project completed by mid-2025.
The bonds and tax credits provided through the Indiana Housing and Community Development Authority are used to incentivize private developers to fund the acquisition, rehabilitation and construction of affordable housing communities.
Brandon Delk, Pedcor vice president of development, said the tax-exempt bonds and tax credits are big pieces of the project.
“It’s a good step forward and we’re proceeding for a January closing,” Delk told IBJ.
Four other housing projects in Indiana received awards: Village Premier Apartments in Fort Wayne; Tower Multifamily Portfolio in Petersburg, Princeton and Mount Vernon; Tower Senior Portfolio in Petersburg, Haubstadt and Owensville; and The Mill in Shelbyville.
At the June 13 meeting of the city’s Metropolitan and Economic Development Committee, Councilor Kristin Jones said the south side needed additional affordable housing.
“It’s a need, right there in that corridor, and we’re very excited about it,” Jones said.
All of the City Heights units are priced at or below 60% of the area median income, which Delk said makes a one-bedroom, one-bathroom apartment about $940 today.