INDIANAPOLIS — Co-developers HVAF of Indiana and Woda Cooper Cos. Inc. have broken ground on Proctor Place, a 61-unit affordable housing community in Indianapolis. The $12.6 million, three-story project is located at 240 N. Warman Ave. on the Central Greens campus just west of downtown. Units will be designated for renters who earn 30 to 80 percent of area median income. Monthly rents will range from $461 to $1,035, depending on the size of unit and income restrictions. Amenities will include a community room, indoor bicycle storage, playground, gazebo, free computers and free Wi-Fi.
The city provided a payment in lieu of taxes (PILOT) to support the development, and the Indianapolis Housing Agency provided project-based vouchers for the 15 units set aside for veterans. The Indiana Housing & Community Development Authority allocated low-income housing tax credits for the project. HVAF of Indiana, formally known as Helping Veterans and Families, will coordinate supportive services onsite. The organization assists veterans in returning to self-sufficiency and avoiding homelessness.
Fallbrook Opportunity Zone Fund II provided equity financing, while Cedar Rapids Bank & Trust provided a first mortgage. Fifth Third Bank served as construction lender and equity investor. The project team includes Indianapolis-based architect Cripe, sustainability consultant Sol Design + Consulting and general contractor BWI LLC. Woda Cooper’s management division will perform day-to-day property management and leasing.
Proctor Place is named in honor of Sergeant Joseph Eugene Proctor, a member of the Indiana Army National Guard who was killed in action during combat operations in Iraq in 2006. He was awarded the Silver Star for heroism.