A new development in Kokomo, Ind., is providing 51 affordable housing units and serving as a catalyst for community and economic development. Union at Washington is the newest affordable housing community in the expanding portfolio of The Annex Group, a leading affordable, workforce, and student housing developer.
The Annex Group partnered on the community with T&H Investment Properties, which serves as the co-developer and co-owner. Just minutes from downtown Kokomo, Union at Washington includes a fitness center, a computer center, a playground, and outdoor grilling space.
“When we plan for a community, we keep its future residents top of mind,” said Kyle Bach, CEO of The Annex Group. “Delivering a complex that could be a catalyst of economic growth in the area and be a place where residents would be proud to call home was the goal with Union at Washington. We’re proud to feel we’ve achieved that goal.”
The $9.7 million development was financed with the help of RiverHills Bank, which provided more than $6.5 million in construction and permanent loans, and Cinnaire, which invested more than $7 million in low-income housing tax credit (LIHTC) equity. Additional partners include the Kokomo Community Development Corp. and the Indiana Housing & Community Development Authority, which provided the LIHTC award and a development fund loan.
“All people deserve to have a beautiful and affordable place to call home,” said Keith Broadnax, senior vice president of business development at Cinnaire. “Union at Washington exemplifies the type of high-quality affordable housing that can be achieved through collaborative public and private partnerships. This development will open doors to a brighter future for the new residents while serving as a catalyst for community and economic development in Kokomo.”