With assistance from Near East Area Renewal, the neighborhood has seen 90 new or refurbished homes come on the market since 2010. And that number is expected to grow to 100 next year.
The Indianapolis Housing Agency hopes more landlords will participate in the program.
The money will be used to make repairs and improvements to public housing units, as well as providing housing counseling to struggling consumers.
For the fifth consecutive year, Hamilton County has been shut out of federal tax credits for affordable housing projects, while nearby counties have had success in the competitive program.
Marion County is suffering from a severe shortage of affordable housing and the inventory is not expected to increase anytime soon. The most popular financing option to help build affordable housing projects is so limited that only a small fraction of the developments get built.
The Westside Community Development Corp. is proposing to develop the 56-unit affordable housing project along Michigan Street as part of a larger effort to rejuvenate the area.
Two local not-for-profits have partnered to buy a dilapidated apartment building along the Meridian Street corridor south of 38th Street that was vacated last November due to health and safety concerns.
The Federal Home Loan Bank of Indianapolis, commonly known as a private-sector bank for banks, announced July 17 that it awarded $10 million in affordable-housing grants in Indiana and Michigan, including two $500,000 grants for projects in Indianapolis.
Only about 2 percent of the avalanche of residential units built in Hamilton County the last five years is dedicated to affordable housing.
Gary Hobbs and his wife, Lori, have built BWI LLC into a fast-growing developer of affordable housing with 48 employees and more than $10 million in annual revenue.
Near North Development Corp. is serving as master developer of the project, which is using $488,000 in U.S. Department of Housing and Urban Development grants.
The Indianapolis Neighborhood Housing Partnership will use the funds to help qualified residents purchase homes and revitalize their neighborhoods.
Banks are pushing for reform to the state’s process for home foreclosures.
Eugene Biccard Glick built a fortune as a residential real estate developer before becoming better known as one the city’s most generous philanthropists. The Indianapolis native and World War II veteran died Wednesday.
Two four-story structures, at the southwest and northwest corners of 30th and Clifton streets, will be built as part of a $10.7 million project that will include 57 units linked by an elevated walkway.
Flock Real Estate Group is investing $1 million to refurbish side-by-side apartment buildings at the northeast corner of 13th and Alabama streets, and Englewood Group is spending $3.6 million to convert a former church across the street.
The Retreat on Washington would be the developer’s second project at the former psychiatric hospital campus on Indianapolis’ west side.