City officials held a grand opening for a new affordable housing project on Indianapolis’ north side on Friday.
The mixed-use building will include 60 affordable housing units aimed at seniors and individuals with disabilities.
The $15 million project, called Parkside at Tarkington, retrofitted the former United Headquarters over the course of almost nine years and includes funding support from both city and federal housing funds.
Indianapolis Mayor Joe Hogsett said the building represents part of an effort to address the city’s affordable housing crisis.
“These are things that can be built upon for the benefit of long-time residents, long-time residents of every age, long-time residents of every ability,” he said.
The research group SAVI has estimated a citywide shortage of over 30,000 affordable housing units exists for extremely low-income households.
Michael McKillip is the executive director of Midtown Indy, one of the partners on the project. He said roughly 31 percent of households within midtown are housing cost-burdened – meaning they spend more than 30 percent of their income on housing.
“Residents are lining up to move in,” he said. “This is one project, but we know the need is much much greater – but today we’re going to celebrate all of you being here.”
McKillip said Parkside at Tarkington will make it possible for some residents to grow old while staying within the community.
It’s an element of the new project that city council member John Barth also highlighted.
“A key priority for the city council is a focus on affordable housing,” he said. “For us, it is critically important that the city support efforts to create not only affordable housing, but in particular affordable senior housing.”
Affordable projects that take federal low-income housing tax credits often come with mandated periods where housing units have to stay affordable — generally about 15 years.
Drew Rosenbarger is with Flaherty & Collins Properties, one of the developers behind the project. He said he expects Parkside at Tarkington will stay affordable longer than 15 years.
“In all likelihood, this is going to be affordable for at least 30 years,” he said. “Our intent is that this is an affordable property.”
It is not yet clear what entity will be set up on the first floor of the building.