Low-Income Senior Housing Project in Downtown Indianapolis Wins $837,000 in Federal Tax Credits
- Mar 26, 2014
by Adriana Pop, Associate Editor
A $9.6 million affordable senior housing project planned by TWG Development LLC in downtown Indianapolis has been awarded federal tax credits from the Indiana Community & Housing Development Authority.
According to the Indianapolis Business Journal, the developer received $836,756 in credits and $450,000 in additional state funding. The grants would help finance the conversion of a vacant 1929 building at 1352 N. Illinois St. (pictured) into a 63-unit low-income rental residential complex for seniors.
Formerly known as The Whitsett Group, TWG Development purchased the historic four-story property that formerly housed the Fame Laundry Co. from local home-restoration company Michaelis Corp.
Designed by DkGr Architects, TWG’s 71,300-square-foot housing development is one of the three projects in the Indianapolis area that have been awarded federal tax credits this year. The other winning developments include a Beech Grove senior housing complex that received $823,908 in credits and $400,000 in state funding; and a Lawrence senior housing complex that received $823,135 in credits and $300,000 in state funding.
In regional news, the Inside Indiana Business reports that Ohio-based Redwood Living Inc. is planning to invest between $35 million and $45 million in the construction of four or five apartment communities in Fort Wayne over the next four years. Overall, the new developments would bring up to 500 new apartment homes to the market.
On Friday, March 21, the company held a groundbreaking ceremony for the first project known as Maplecrest by Redwood.
The new pet-friendly community will consist of single-story apartment homes with private attached garages, an open floor plan with two bedrooms, two full bathrooms, eat-in kitchens with breakfast bars, spacious living rooms, personal patios, full-size washer and dryer connections, walk-in closets, and abundant storage.
All of Redwood Living’s apartments earn the Environmental Protection Agency’s Energy Star designation, meaning that these residences are 40 to 45 percent more energy efficient than a standard home.
Photo credits: Curtis Ailes