As we begin to find our new “normal” during the COVID-19 pandemic, the importance of being able to afford your home has never been clearer. Herman & Kittle Properties, Inc. (HKP) is very proud of our essential work to provide affordable apartment homes in 17 states. To further our work, we will be adding 210 brand new apartment homes for those age 55 and over to the Indianapolis rental market. The Reserve at White River will help fill a gap in affordable housing for area seniors, allowing them to stay in the city they love while still being able to afford their home and other necessities.
The Reserve at White will consist of 2 large, elevator-served residential buildings and 14 cottage-style buildings with 4 apartment homes each. The community was awarded a just over $13 million in tax credits over a 10 year period from the Indiana Housing & Community Development Authority (IHCDA). In addition, KeyBank will be participating in the development as the equity provider, as well as both the construction and perm loan lender.
The property’s 210 units will serve households between 50 and 60% of area median incomes (AMI), and 9 units will be market-rate apartment homes with no income restrictions. The community will have a leasing office/clubhouse with a business center, equipped fitness center, community room, walking path, picnic area and a bark park.
This is our first closing during the COVID-19 pandemic and are very thankful for the persistence and determination of our team members and partners. Many video calls were made and creative solutions applied, but together we were able bring an essential resource to the Indianapolis community!