RealAmerica Development has received financing to build two affordable housing communities in Indiana.
The firm is working with Boston Capital, which announced that it is investing approximately $21.7 million in low-income housing tax credit (LIHTC) equity to help finance the construction of SouthPointe Village Apartments, a 62-unit development serving families and the developmentally disabled in Fishers, and Haven Homes, a 52-unit development in Plainfield for families, including victims of domestic violence.
Located 14 miles northeast of Indianapolis' central business district, SouthPointe Village Apartments will offer 19 one- and 43 two-bedroom units in a single residential building. Thirteen units will be set aside for persons with developmental disabilities. RealAmerica is partnering with local nonprofits to provide opportunities for education, employment training, and independent living.
Located 14 miles southwest of Indianapolis' central business district near the Indianapolis International Airport, Haven Homes will feature 16 one-, 20 two-, and 16 three-bedroom units in two residential buildings. Thirteen units will be set aside for victims of domestic violence. Again, RealAmerica is partnering with local nonprofits to provide resident services.
The investments are Boston Capital's second and third partnerships with Indianapolis-based RealAmerica Development.
"We are excited to team up with Ronda Shrewsbury Weybright and RealAmerica in the new construction of 114 affordable homes for families in the Fishers and Plainfield areas," said Jeff Goldstein, COO and director of real estate at Boston Capital. "Excellent access to supportive services, employment opportunities, retail, health care, and public transportation make these apartment communities especially favorable places for families to call home."
Boston Capital's investments in these developments add 114 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 3,200 affordable apartments in Indiana.
