PLAINFIELD, IND. — Woda Cooper Cos. Inc. has broken ground on a new affordable housing community named Harper’s Crossing in the Indianapolis suburb of Plainfield. The $12.9 million, 60-unit community will be located at 311 Harper’s Way near The Shops at Perry Crossing. The three-story building will offer a number of amenities to residents earning between 30 and 80 percent of area median income, including a common laundry room, free Wi-Fi throughout and a community room.
The developer was able to receive a tax abatement from the Town of Plainfield since the project is located in an Opportunity Zone. Tax credits awarded by The Indiana Housing & Community Development Authority (IHCDA) generated equity financing. Monthly rents at the community, which will offer one-, two- and three-bedroom units as well as accessible units, will remain between $292 and $1,070, depending on income restrictions and unit size. Building materials are being used to meet LEED Silver certification standards for energy efficiency.
RBC Community Investments (RBCCI) was the tax credit syndicator. Huntington National Bank made an investment through RBCCI and also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe is the architect, BWI LLC is the general contractor and Sol Design + Consulting is the sustainability consultant. Woda Cooper’s management division will perform day-to-day property management and leasing. A timeline for completion was not disclosed.