Renovated Indianapolis apartments set to open spring 2019
INDIANAPOLIS – Work is well underway on two Indianapolis housing projects aimed at providing affordable housing for persons who are needing community-based services.
In 2018, the Indianapolis Housing and Development Authority awarded federal 4 percent low income housing tax credits (LIHTC) to the Ellis on Illinois property and Helen Louise on Washington property, two rehabilitation projects developed and owned by Adult & Child Health and Pearl Real Estate Companies. The combined $2 million in LIHTC allocations are being used to generate
approximately $5.5 million in private equity. Total development cost for the projects is $8.1 million.
Financing partners include Star Bank, who provided $1.5 million, and the Indiana Housing and Community Development Authority, who provided $3.5 million. The Helen Louise projects also received $546,000 in historic preservation tax credits.
Adult & Child Health, an Indianapolis-based nonprofit, will provide the residents’ health care, mental health services, addictions treatment, and other services to promote recovery and independent living.
Pearl Real Estate Companies, a vertically integrated corporation with housing developments in four states, will develop and operate the properties. Adult & Child and Pearl joined forces in 2016 to deliver quality, affordable housing to vulnerable,
Prior to acquisition, the Ellis and Helen Louise properties were in dilapidated condition. Both buildings are being renovated with all new mechanical, plumbing and electrical systems, new windows, new roofs, masonry restoration and repair, and all new finishes throughout the apartments.
“Affordable housing is desperately needed by many families, but even more so for persons facing complex challenges,” said Allen Brown, Adult & Child Health CEO. “In addition to providing low-income and homeless persons a safe, dignified place to live, A&C staff are able to be on-site so that residents have access to services they need for long-term success.”
The Helen Louise on Washington Street will provide 30 modern units renovated according to the National Preservation guidelines for historically significant areas.
Nestled in the Irvington neighborhood on Indianapolis’ eastside, it includes resident gathering areas, is close to local shopping and amenities, and is on the IndyGo bus line.
The Ellis on Illinois apartments are in the burgeoning Crown Hill neighborhood, where significant private and public investments are happening. Located on the IndyGo bus line and near the Indianapolis Children’s Museum and new Tarkington Park, the Ellis’ 24 units will feature resident gathering areas, generous kitchens, and open modern floor plans.
Adult & Child Health, accredited by the Joint Commission, is a leading primary care, behavioral health and social services provider in Central Indiana. For information about Adult and Child Health, please contact Adam Wire at email@example.com. For information about Pearl Real Estate Companies, please contact Brad Richey at firstname.lastname@example.org