An Indianapolis apartment community that was damaged by a 2008 tornado will be rehabilitated with the help of a $4.4 million equity investment from Great Lakes Capital Fund.
Since the tornado, Haciendas Apartments has been uninhabitable and residents have been permanently displaced.
The former property owners have already invested $2.7 million in structural repairs. The low-income housing tax credit (LIHTC) equity from GLCF will finish the rehabilitation efforts to the interior and building site.
Haciendas Apartments is being co-developed by Urban Offerings and Meridian Group. Meridian Group will manage the property once complete. S & B Construction Group is the general contractor; R&B Architects is the project architect; and Terry Keusch, Pioneer Development Services serves as project consultant.
“We are very grateful to the community for being so supportive of this development,” Mark McDaniel, GLCF president and CEO, said in a statement. “Thanks to strong partnerships across state and local governments, as well as the private sector, the Far Eastside will continue to thrive in becoming a great place to live and raise a family.”
Indianapolis’ Far East side has become home to many Latinos. Haciendas’ property management company will serve the fast-growing Latino population with its bilingual staff.
Haciendas Apartments will include a splash playground, gazebos, playgrounds and more. Thanks to an agreement with the Indianapolis Housing Agency, 10 percent of the apartments will be preserved for special-needs tenants, specifically single-parent households and victims of domestic violence.
Additionally, the combined direct and indirect contribution of apartment construction, operations and resident spending to the state of Indiana economy is projected to total $9.2 million. Through apartment construction, operations, and resident spending within the state economy, about 225 jobs will be directly and indirectly added by Haciendas Apartments development.