Reseeding the Neighborhood: New Affordable Apartments Rise from Demolished Retail Site in Hoosier State
By Caitlin Jones
1 min read
Tax Credit Advisor, December 2011: In much of America, vacant or underutilized retail shopping centers are dragging down surrounding neighborhoods.
That’s the case in parts of Indianapolis, Indiana’s largest city. Yet here, in a $10.1 million transaction, a public-private partnership is drawing a line in the sand to demolish a vacant retail strip center and build 72 attractive new affordable apartments for seniors 55 and older, using federal low-income housing tax credits and Neighborhood Stabilization Program dollars.
The project, called Lafayette Landing at Kessler, is being developed by the Partnership for Affordable Housing, Inc. (PAH), a local nonprofit, and Herman & Kittle Properties, Inc., a locally based for-profit company that develops, builds, owns, and manages affordable rental housing properties in eight states. Including Lafayette Landing, PAH has developed six affordable rental housing properties in Indiana since 1992, all using housing tax credits. Read More…
