May 23, 2007
FOR IMMEDIATE RELEASE:
Wednesday, May 23, 2007
Contact: Margie Smith Simmons, [317] 327-3690
Bill Gray (RADC), 637-8996, ext. 201
Bill Taft (LISC), 396-0588, ext.12
Neighborhood non-profit rehabs building vacant over a decade into affordable rental and condominium housing in downtown Indy
INDIANAPOLIS – Today, Mayor Bart Peterson joined Riley Area Development Corporation (RADC), new residents and community partners to celebrate the grand opening of the recently rehabbed Rink-Savoy Apartments and Rink Condominiums in thriving downtown Indianapolis.
The Rink-Savoy Apartments and Rink Condominiums, 401 N. Illinois Street, is a certified historic rehabilitation project led by the RADC and co-developer Mansur Real Estate Services. The historic building contains 60 apartments and 5 condominium units, all affordable and targeted to low and moderate income residents. 18 of the rental units are set aside for very low income residents, an underserved population targeted in the Mayor’s Blueprint to End Homelessness.
Through a partnership with the John H. Boner Community Center, tenants will have on-site access to workforce development services, financial coaching and education, and the many other social services provided by the Boner Community Center.
“Now, this area is once again creating a vibrancy and unique living environment. Consistent with the city’s Regional Center Plan, which outlines a goal of doubling downtown’s residential population to 40,000 by 2020, these properties make downtown living available to families at many income levels,” said Peterson.
As downtown Indianapolis has become a destination spot and an increasingly popular place to live, it has also become increasingly less affordable for lower income households. The Rink-Savoy fills that gap by providing affordable housing in the revived, and often expensive, downtown housing market. The RADC also developed the Davlan Building on Massachusetts Ave as affordable housing and retail space.
“It offers hope,” said Linda Alexander, who actually lived in the building 34 years earlier. “It proves you don’t have to have mega bucks,” she continued. “I never thought I’d live in a place like this.” Today she serves on the RADC Board of Directors.
The RADC has been rebuilding Indianapolis’ downtown communities since 1979 and has led the effort to renovate the historic building. Since that time, the RADC has provided 198 units of mixed income housing and 166 units of home repair units, for a total financial investment of over $30,000,000. This includes over $24 million for 137 units of rental housing, both affordable and market rate; $4 million invested in 40 affordable homeownership units and over $2 million for 166 units in homeownership repair grants.
The $7.4 million rehab project includes financing from the city of Indianapolis, Local Initiatives Support Corporation (LISC), Indianapolis Neighborhood Housing Partnership, First Indiana Bank, Federal Home Loan Bank of Indiana, Indiana Housing and Community Development Authority, Great Lakes Capital Fund, U.S. Department of Housing and Urban Development and the Economic Development Initiative.
The city acquired the Rink-Savoy through foreclosure and transferred the property to the RADC at no cost in 2005. In turn, the RADC committed to donate $100,000 to the Housing Trust Fund, which is set up to support increasing affordable housing opportunities across Indianapolis. The city also provided over $452,000 in federal grant funding to support the redevelopment.
At a press conference on March 23, 2007, Mayor Peterson announced a commitment for more supplemental funding to support affordable housing. On May 16, the Metropolitan Development Commission created a special housing tax increment financing program designed to invest the additional tax revenue generated by the redevelopment of the Rink-Savoy and the Blacherne into the Housing Trust Fund. The proceeds should equal about $35,000 annually.
“It is exciting to see the beautiful and affordable historic restoration that resulted from LISC's early investment in the Rink-Savoy project,” said Bill Taft, LISC Program Director. “It is important that downtown Indianapolis is affordable to people with a wide range of incomes, and these quality apartments will provide needed affordable housing for decades to come. The RADC and Mansur have restored a historic gem and created affordable homes that are increasingly hard to find downtown. “
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