by
HAND’s plans to build 56 affordable
apartments on the former site of the
Noblesville grain elevator hit a snag
Thursday when the Indiana Housing &
Community Development Authority
declined to award the project highly-soughtafter
Low Income Housing Tax Credits to
fund construction.
Of the 62 development proposals
submitted last November, just 16 received
tax credits; another five—including the
$10.5 million Noblesville Granary Elevator
and Lofts—were placed on a waiting list.
Due to uncertainty in the equity market,
IHCDA did not award all of the available
tax credits, holding back a portion for
funded projects that may need to request
more. Tax credits that have not been
reserved by mid-September, however, will
be awarded to wait-listed proposals.
Since the Granary project is No. 1 on the
wait list, it would be the first to receive
leftover credits. HAND is seeking $8.4
million in tax credits for the Granary. If that
amount is not available, the development
plan could be adjusted to reduce project
costs.
“There is a still a strong likelihood that
the project will move forward,” said HAND
Executive Director Jennifer Miller.
Low Income Housing Tax Credits are
awarded to developers as a way to
incentivize private investment in affordable
housing. Investors buy the credits,
generating revenue to fund projects while
reducing their tax liability.
As proposed, the Granary would include
a three-story apartment building with more
than 10,000 square feet of street-level
commercial space leased at below-market
rates to draw startups and small businesses.
Located in Noblesville’s Southwest
Quad, less than six blocks from the
courthouse square, the Granary is intended
to provide an affordable option for entrylevel
professionals, artists, entrepreneurs
and others.
Rent for the one- and two-bedroom
apartments will be based on tenants’ income.
About 60 percent of the units will rent for
$625-$901 per month; the rest will rent for
$375-601 per month.
Two other Hamilton County projects
also made the waiting list: RealAmerica
Development’s proposal to build a 63-unit
senior apartment community in Noblesville
is No. 2, and Blackhawk Commons Limited
Partnership’s proposal to renovate the old
Adams Township school in Sheridan to
create 40 affordable apartments is third.
HAND was a consultant on the Sheridan
project after its own plan to develop the
property failed to win tax credits in 2016.
This is HAND’s second attempt to
secure tax credits for the Granary. The
original proposal called for preserving a
portion of the historic wooden grain elevator
as a local landmark. Property owner North
Central Co-op has since cleared the 2-acre
site.
Founded in 2003, HAND’s mission is
invest in neighborhoods, provide housing
solutions and develop partnership to
improve lives and build community in
Hamilton County. The not-for-profit
organization owns six apartment
communities that offer a total of 94
affordable units.
While waiting for a final decision on the
Granary project, HAND will move forward
with Home Place Gardens, a 10-unit
development planned along 106th Street east
of College Avenue in Home Place.
Indianapolis-based consultant
Greenstreet Ltd. estimates that demand for
affordable housing in Hamilton County
exceeds supply by more than 10,000 units.