Affordable housing is coming to Indy’s southside with the opening of the City Heights Apartment Homes just south of the I-465 and US 31 interchange.
The project opened Aug. 12 with 200 units, all reserved for people who earn 60% or less of the area’s median income. One, two and three-bedroom apartments are available now for rent starting at $1,000 a month.
The development will serve households earning up to $77,100 per year, said Brandon Delk, senior vice president of development for Pedcor Investments, which oversaw the development and partnered with AETNA CVS Health and the city on the project.
The complex cost between $69-74 million to construct, Delk told IndyStar.
CVS Health invested about $6.1 million in the project through a tax credit fund. Keli Savage, head of impact investment strategy for CVS, said the health corporation has invested more than $24 million in affordable housing projects across Indiana in the last five years.
More than 21 million renters in the U.S. are considered “cost-burdened,” Savage said, meaning they spend more than 30% of their household income on rent. That prevents people from spending money on other things they need to be healthy, like quality food or medication.
“Housing is healthcare,” she said.
This housing complex includes a pool and is adjacent to a lush garden. The location is close to jobs and Perry Township schools, making it attractive to Pedcor, Delk said. The apartments sit along a bus route accessible by a sidewalk.
A southside native, Delk said he sees the project as an asset to the community. Pedcor made a commitment with Indiana Housing and Community Development Authority to keep the apartments affordable to renters making 60% or less of the median income for the next 30 years.
“When you’re paying 60-70% of your income towards rent, you don’t have the ability to be home as much as you want to be,” Delk said. “So I think we’ll build stronger families, I think we’ll build stronger communities.”
The new apartments are located next door to Bethany Lutheran Church and its community garden, which Savage said residents would be able to enjoy.
Given the clear need for affordable housing in Indianapolis, State Sen. Andrea Hunley said it’s important for neighbors, like Bethany Lutheran Church, to welcome more affordable housing projects into their communities.
“When people see those orange signs, they say ‘Not in my backyard, oh my goodness, what’s happening?’” she said. “I think that what we need to remember at the end of the day is we’re creating opportunities for neighbors and we’re taking care of each other.”
This article originally appeared on Indianapolis Star: Take a look inside the $69 million affordable housing project opening on Indy’s southside
Reporting by Tory Basile, Indianapolis Star / Indianapolis Star
USA TODAY Network via Reuters Connect
