Insight

Mass Ave project surrounding Barton Tower gets state OK

Justin Ohlemiller — Tue, 27 Mar 2012 17:15:28 +0000

The redevelopment of a key stretch of Massachusetts Avenue is expected to commence in the fall now that developers have won approval to sell tax credits to finance the project. A partnership of Flaherty & Collins Properties and Insight Development Corp. earlier this month was awarded rental housing tax credits by the state that will be sold to finance construction of a 61-unit, $11.5 million apartment project at 555 Massachusetts Ave. The project is to include 5,000 square feet of retail space facing Massachusetts.

Housing Development Opens on Near North Side

Justin Ohlemiller — Fri, 28 Oct 2011 19:05:39 +0000

A ribbon cutting ceremony was held Thursday for a new affordable housing development on the city's near north side. 16 Park will feature one of the largest "green" roofs in the city, rain gardens surrounding the complex to manage stormwater runoff and new energy-efficient appliances in each unit...

New $34 Million Housing Complex Opens Thursday as Part of IHA Campaign

Justin Ohlemiller — Fri, 28 Oct 2011 18:53:06 +0000

Continue reading about 16 Park and view a news clip on local Fox News affiliate, Fox59′s website.

Green Public Housing Option Opens

Justin Ohlemiller — Fri, 28 Oct 2011 18:32:00 +0000

Developers and dignitaries ushered in a new, affordable housing option in Indianapolis on Thursday. The first 29 of 155 units are available for rent at 16 Park, a $34 million project on the city's near-north side...

A New Kind of Public Housing Opens at 16th and Park

Justin Ohlemiller — Fri, 28 Oct 2011 15:44:05 +0000

Markina Sanders feels at home in 16 Park, the newest complex of affordable apartments in Indianapolis, which officially opened Thursday with environmentally friendly features and an upbeat design that shatter the old stereotypes of public housing...

IHA Opens Doors of Affordable, Yet Green, Apartments

Justin Ohlemiller — Fri, 28 Oct 2011 15:40:14 +0000

The Indianapolis Housing Agency officially opened the doors today on 16 Park, a new development on the Near Northside that is hailed as a new era in finance and construction of affordable apartments for low-income residents in the city...

16 Park Rings in ‘New Era’ in Affordable Housing

Justin Ohlemiller — Thu, 27 Oct 2011 18:25:35 +0000

INDIANAPOLIS, Ind. (Oct.13, 2011) – A ribbon cutting ceremony has become the traditional photo opportunity for leaders and public officials celebrating the opening of a new building. But today, local and state leaders dispensed with tradition when marking the opening of 16 Park, a $34 million affordable housing development on the city’s near-northside. Housing officials and community leaders commemorated the moment instead with a tastier option, cutting a cake from a locally-owned bakery shaped like the new 16 Park building (with a yellow ribbon adorned on top).

This move to stray from the norm is representative of the approach Indy housing leaders took with financing and building the new 16 Park on the corner of 16^th Street and Park Avenue.

“We’re all familiar with the stereotypes of what typically constitutes public and affordable housing. Our goal was to transcend those negative images with 16 Park.” said Rod Morgan, Board Chairman of Insight Development, the non-profit development arm of the Indianapolis Housing Agency (IHA). “From incorporating green design features to integrating 16 Park with the rest of the neighborhood – we wanted this development to represent a new era in affordable housing in Indianapolis.”

This “new era” is evident in the sustainable, state-of-the-art design elements featured in the first 29 rental units that opened today as part of phase one of 16 Park. These include:

One of the largest residential green roofs in the city

Rain gardens that surround the complex to manage stormwater runoff (similar to those used in the Indianapolis Cultural Trail)

New, energy-efficient heating and cooling systems

Contemporary urban design that physically connects the building and residents with the surrounding neighborhood

Spacious, modern floor plans

An above-ground parking garage for residents

16 Park is part of a massive, $123 million capital campaign by the Indianapolis Housing Agency aimed at improving local affordable housing communities across Indianapolis. 16 Park will total 155 rental units when all three phases are complete in 2012. More than 85 units will be public and Section 8 housing while the balance will be set aside as affordable housing for low-income families and individuals.

“16 Park is a key part of our plan to greatly invest in the quantity and quality of affordable housing in Indianapolis,” said IHA Executive Director Rufus “Bud” Myers. “Our goal is to not only build great housing, but ensure these investments are a driving force for economic growth in local neighborhoods.

Myers pointed to the significant money being spent by IHA to improve local neighborhood infrastructure as part of the 16 Park development, including:

The renovation and transformation of a former public school building into new community space

The revitalization of Kennedy/King Park and the creation of a new entrance off of Park Avenue so that this historic amenity integrates more with the neighborhood

On hand at the 16 Park grand opening were several neighborhood business owners, including Trish McGath from 111 Cakery, which supplied the cake for the ceremony.

“16 Park is one of those landmark developments that can spark even more opportunity for the community.” said McGath. “As a business owner, that makes me excited for what’s ahead for this neighborhood. There is certainly a lot of positive momentum.”

State officials said they expect the impact of 16 Park to be a positive and lasting one on Indianapolis’ near-northside.

“We are pleased to partner with IHA to bring to life to their vision of 16 Park, which is a true example of comprehensive neighborhood revitalization,” said Sherry Seiwert, Executive Director of the Indiana Housing and Community Development Authority. “These units are affordable, smartly designed, and high quality. They’ll have a dramatic impact on this neighborhood, allowing residents to not only remain, but begin here in their community of choice.”

IHA and Insight’s innovative financing

The green elements and latest urban design features are not the only things that make 16 Park innovative. IHA’s financing structure for 16 Park involves a unique mix of private capital and federal grant dollars. By working through its non-profit development arm, Insight Development Corp., IHA was able to create a financing package that uses only $6 million in U.S. Department of Housing and Urban Development grants and other public dollars to leverage nearly $28 million in private equity. The private equity is generated through low-income housing tax credits issued by IHCDA.

“With dwindling state and federal budgets, we’re having to be creative in how we finance our developments,” said Bruce R. Baird, managing director at Insight. “With this mixed-finance approach, we’re not only leveraging a great deal of private equity — we’re building a model similar to a private sector developer.”

$123 million investment in affordable housing

This mixed-finance approach by Insight is a unique strategy being implemented across all of IHA’s revitalization initiatives, including the new Lugar tower renovation and construction that kicked off this summer. In total, IHA will invest $123 million over the next two years to revitalize 1,324 public housing units, build more than 400 new public and affordable housing opportunities, and substantially improve the living space of more than 3,000 residents.

About IHA

The Indianapolis Housing Agency is the official governing body overseeing all public housing across the City of Indianapolis. IHA helps more than 7,600 families each year find and maintain high-quality, affordable housing opportunities through its ownership of 13 housing communities totaling more than 1,700 units.

About Insight Development Corp.

Insight Development Corp. is the nonprofit development arm of the Indianapolis Housing Agency. Their experience securing mixed-source financing to support the development, rehabilitation and operation of public and affordable housing enables IHA to creatively address the housing needs of the Indianapolis community.

###

Indy Housing to Open New $34 Million Residential Development Just North of Downtown

Justin Ohlemiller — Thu, 27 Oct 2011 18:20:39 +0000

INDIANAPOLIS, Ind. (Oct. 12, 2011) – As part of its $123 million campaign to improve local affordable housing across the city, the Indianapolis Housing Agency and its non-profit development arm, Insight Development, will officially open 16 Park, a $34 million residential development on the city’s near-northside. The event marks the completion of phase one of the new 155-unit public and affordable housing community. 16 Park boasts a number of green and sustainable design elements, including one of the largest residential green roofs in the city and rain gardens that surround the complex.

IHA Executive Director Rufus “Bud” Myers will be joined at the event by Insight Development Board Chairman Roderick Morgan and a number of state and local community leaders. Local business owners will also be on hand to discuss the positive economic impact of the $34 million development.

When: 10 a.m., Thursday, Oct. 13

Where: 16^th Street and Park Avenue (Event will take place in the Kroger parking lot, 524 East 16^th St.)

16 Park represents one of the single largest investments in a public housing community by IHA. With contemporary urban design, spacious floor plans and a focus on sustainability, 16 Park represents a new era in public housing in Indianapolis.

###

Campaign to Reinvest in Affordable Housing Continues: IHA Breaks Ground on New Development at Lugar Tower

Justin Ohlemiller — Thu, 27 Oct 2011 18:02:45 +0000

INDIANAPOLIS (June 29, 2011) – As part of its expansive campaign to improve local affordable housing communities across the city, the Indianapolis Housing Agency today kicked-‐off a $30 million project that will revitalize Lugar Tower and build a new mixed-‐income development at the tower’s base.

IHA Executive Director Rufus “Bud” Myers was joined in the groundbreaking by a host of state, local and federal partners, including Indianapolis Congressman Andre Carson, City of Indianapolis Deputy Mayor Olgen Williams and Executive Director of the Indiana Housing and Community Development Authority (IHCDA) Sherry Seiwert.

Lugar Tower, a 15-‐story apartment building housing approximately 200 low-‐income elderly and disabled residents, has seen little investment since its construction in 1974. That will change with IHA’s “Welcome Home” capital campaign, which invests $15 million to substantially overhaul the tower. Improvements include refurbishing all 224 existing units, increasing ADA accessibility, renovating common areas (adding new computer labs and community kitchen space), and installing new, more energy-‐efficient lighting and plumbing.

The upgraded Lugar Tower will be joined by a newly constructed apartment building in its shadow. The new $15 million development will be called “The Braxton at Lugar Tower” in honor of Robert Braxton, who served as one of Indianapolis’ first African-‐American firemen. Braxton joined the Indianapolis Fire Department in 1876 and served as a foreman for Hose Company 9, which was located at 31 W. St. Joseph Street — near the current site of the new apartments.

The Braxton at Lugar Tower will feature 74 one-‐ and two-‐bedroom units priced for residents with low and moderate incomes. It will include 3,500 square feet of new community space, offering amenities like a fitness room and business center that will be available to residents of both locations.

Completion date for both developments is slated for fall of 2012.

Combining the renovation of Lugar Tower with the new construction of The Braxton is consistent with the best practices of sustainable urban development, according to IHA’s Bud Myers.

“Our top priority has and always will be to improve and increase affordable housing in Indianapolis,” said Myers. “But we also have a responsibility to carry out this mission in ways that enhance our city and breathe new life into our neighborhoods.

“By combining the massive improvements to Lugar with the new construction of The Braxton, we’re creating a synergy on this site that will spur further development in the surrounding neighborhood and greatly improve the sense of community for our residents.”

Congressman Andre Carson lauded the 400 jobs that will be made available through the redevelopment and new construction at Lugar, which is funded in part by federal dollars from the American Recovery and Reinvestment Act.

“Creating jobs is our highest priority, and this project puts hundreds back to work while addressing our desperate need for affordable housing downtown,” said Carson.

State officials praised the revitalization of Lugar for improving the quality of life for current residents and allowing them to remain within the community they’ve called home for years.

“The Indiana Housing and Community Development Authority continues to look for innovative ways to partner for the creation and rehabilitation of affordable housing units throughout Indiana,” said IHCDA Executive Director Sherry Seiwert. “Our ongoing partnership with the Indianapolis Housing Agency ensures that our goal and shared vision of this addition to Lugar Tower will enable residents of Indianapolis to remain and age in their community of choice.”

IHA’s innovative financing
IHA’s financing structure for Lugar Tower and The Braxton involves an innovative mix of private capital and federal grant dollars. By working through its non-‐profit development arm, Insight Development Corp., IHA was able to create a finance package that uses $5.6 million in U.S. Department of Housing and Urban Development grants and other public dollars to leverage nearly $24 million in private equity. The private equity is generated through low-‐income housing tax credits issued by the IHCDA. The tax credits were purchased by Hudson Housing Capital, and J.P. Morgan Chase provided IHA with the construction loan for both projects.

“With dwindling state and federal budgets, the Lugar and Braxton projects never would have happened through traditional public financing,” said Bruce R. Baird, managing director at Insight. “With this mixed-‐finance approach, we’re not only leveraging a great deal of private equity -‐-‐ we’re building a model similar to a private sector developer.”

$123 million investment in affordable housing
This mixed-‐finance approach by Insight is a unique strategy being implemented across all of IHA’s revitalization initiatives, including “Welcome Home” and “16 Park” (under construction on the near-‐ northside). In total, IHA will invest $123 million over the next two years to revitalize 1,324 public housing units, build more than 400 new public and affordable housing opportunities, and substantially improve the living space of more than 3,000 residents.

“With this landmark capital campaign, we’re not just upgrading our facilities — we’re transforming the public housing system in Indianapolis as we know it,” said Myers. “We’re establishing a foundation for greater success for decades to come — for our agency and for our residents.”

About IHA

The Indianapolis Housing Agency is the official governing body overseeing all public housing across the City of Indianapolis. IHA helps more than 7,600 families each year find and maintain high-‐quality, affordable housing opportunities through its ownership of 13 housing communities totaling more than 1,700 units.

About Insight Development Corp.

Insight Development Corp. is the nonprofit development arm of the Indianapolis Housing Agency. Their experience securing mixed-‐source financing to support the development, rehabilitation and operation of public and affordable housing enables IHA to creatively address the housing needs of the Indianapolis community.

###

Indy Housing Agency to Break Ground on $30 Million Downtown Development

Justin Ohlemiller — Thu, 27 Oct 2011 17:55:44 +0000

INDIANAPOLIS , Ind. (June 29, 2011) – As part of its $123 million campaign to improve local affordable housing communities across the city, the Indianapolis Housing Agency will break ground today on a $30 million project that will revitalize Lugar Tower in downtown Indianapolis and build a brand new mixed-use, mixed-income development at the tower’s base.

IHA Executive Director Rufus “Bud” Myers will be joined at the event by Indianapolis Congressman Andre Carson, City of Indianapolis Deputy Mayor Olgen Williams and a host of community leaders and public officials.

When: 8 a.m. on June 29, 2011

Where: 901 Fort Wayne Avenue, Indianapolis

Lugar Tower, a 15-story apartment building housing more than 200 low-income elderly and disabled residents, has seen little investment since its construction in 1974. IHA officials will outline the overhaul plans for the tower, as well as kick-off the construction of a new $15 million, 74-unit apartment development being built just west of the tower.

City and federal officials will also highlight the significant economic impact and job creation being driven by both projects, which are funded in part by the federal stimulus package.

###