707 North Apartments bring a foreclosed property back to life
With the help of a $6.4 million investment in low-income housing tax credits from PNC Real Estate, Indianapolis developers Joe Whitsett and Tony Knoble of The Whitsett Group transformed a stalled luxury condominium development into 40 units of affordable multifamily housing. The development is located in the Riley area just outside the downtown business district of Indianapolis. The building's lower two floors provide interior parking while the next five floors provide 40 one-and two-bedroom apartments. The eighth floor consists of the developer's offices as well as community space. Thirty-two of the units are affordable for households with rent restrictions of 30%, 40%, 50% and 60% of the area median income while the remaining eight units are offered at market rents.
The financing of the 707 Building was the result of a state effort that brought together federal stimulus funds and low-income housing tax credit equity. The Indiana Housing and Community Development Authority provided both Section 1602 Tax Credit Exchange program funds as well as a Tax Credit Assistance Program loan. The state's ability to be innovative and flexible with these federal funds helped to bring the stalled development back to life.
With the 707 Building completed and leasing, the dark windows of a foreclosed property now glow with light.