Plans to create an affordable housing complex on the city’s south side are proposed.
The City-County Council's Metropolitan and Economic Development Committee heard the proposal Monday. It would create a 200 unit multi-family complex in Perry Township, at Bixler Road and S. East Street, near Interstate 465.
Vice President of Development with Pedcor Investments Brandon Delk said the project is possible because of a new state statute that approves property tax exemptions for affordable housing with a PILOT, or payment in lieu of taxes.
“In terms of leveraging financial resources for the project the PILOT is absolutely critical to the overall financing,” Delk said.
The project will use low income housing tax credits. All of the units will be available to tenants at or below the area median income. Delk said construction cost increases hamstring affordable developments.
“And so we find ourselves in another predicament in terms of trying to finance an affordable housing project for the city of Indianapolis,” Delk said.
The committee moved the proposal forward to the full council.