GREENFIELD — Developers plan to apply for funding that would bring two workforce housing apartment communities to Greenfield totaling 120 units.
The Greenfield Board of Zoning Appeals approved measures regarding the proposed developments 4-0 last week. The developers needed the approvals before applying for housing tax credits from the Indiana Housing and Community Development Authority. Applications are due to the IHCDA by July 29 and awards will be announced this November.
To qualify for the funding, the potential future communities must rent to households making between 30 percent and 80 percent of area median income. Greenfield’s median household income was $52,130 in 2017, according to the most recent data available from the U.S. Census Bureau.
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Wallick Communities
Wallick Communities is applying for tax credits to help fund three buildings with a total of 24 two-bedroom and 24 three-bedroom units on almost 4 acres along West McClarnon Drive’s south side between State Street and Fields Boulevard.
A variety of materials would be used on the buildings’ exteriors, including masonry. The project also would include two parking spaces per dwelling unit, a clubhouse, playground, sidewalks along McClarnon Drive and landscaping throughout the site.
“We really like this product because we’re trying to serve the modest-income worker within Greenfield — certainly a need in any community across the United States,” Joe Hall of Wallick Communities told board of zoning appeals members.
Wallick Communities estimates monthly rents ranging from $350 for two-bedroom apartments up to $950 for three-bedroom units, Hall said.
The community would be able to serve households making between $20,000 to $65,000 a year, he added.
“That range of household incomes really allows for us to serve a lot of different types of occupations,” Hall said, like entry-level teachers, police officers, firefighters and health care professionals, along with those who work in the hospitality and light industrial sectors.
Hall said 25 percent of the units would be available for tenants making 30 percent of area median income, another 25 percent would be for those making 50 percent of area median income and 50 percent would be reserved for renters at 80 percent of area median income.
Setting aside half of the units for residents making 80 percent of area median income has an extensive impact on the project, Hall said.
“That means we’re now competing with market-rate units, which basically means that we have to bring a product that’s up to the standard of market-rate housing in the community,” he said. “You’re going to see a product that’s just as nice as anything else on the market, but we’re also getting to serve a population that may be under served.”
Hall said 5 percent of the units would be accessible for tenants with disabilities.
If the project is awarded in November, Wallick Communities would plan to close on its financing and start construction around September 2020 before completing the development in spring 2022, Hall said. He added the company would own the community.
Based in New Albany, Ohio, Wallick Communities conducts development, general contracting, management and long-term ownership of properties. It has a portfolio of almost 200 properties predominantly in Ohio, Kentucky and Indiana and owns and manages about 70 percent of its properties. The company owns 14 properties across Indiana. Its closest to Greenfield is Brownstone Apartments in Indianapolis.
Greenfield Apartments L.P.
Greenfield Apartments L.P. seeks housing tax credits through the IHCDA for a six-building, 72-unit community on about 12 acres between North Blue Road and Date Street north of Reflections Drive.
The community would offer 36 two-bedroom and 36 three-bedroom units. Sidewalks would run along North Blue Road and Date Street as well as throughout the site. There would be open space and a dog walking area. A wetland on the property would be preserved.
Like Wallick Communities’ proposal, Greenfield Apartments L.P.’s would have two parking spaces per dwelling unit, a clubhouse, playground, landscaping and building exteriors with a variety of materials, including masonry.
Tim Morgan, representing Greenfield Apartments L.P., told board of zoning appeals members that the project would have similar area median income targets as Wallick Communities.
The community would offer eight fully-accessible units and two for tenants who are visual and hearing impaired.
Greenfield Apartments L.P. is made up of two principals. One is Cleveland-based Jonesboro Investments Corp., a developer of multi-family and retail properties across the Midwest and Florida. The other principal is Thrive Alliance out of Columbus, Indiana, a nonprofit developer of affordable housing and supportive services.
The two firms completed a similar tax credit-backed project in Columbus called Gateway Apartments that won the Lieutenant Governor’s Award for Excellence in Affordable Housing in 2017.
Paulette Richardson was one of the four board of zoning appeals members attending the meeting who voted in favor of the measures the developments needed to seek funding through the IHCDA.
“It’s always nice to see tax credit projects in the community because they always look the best and they’re always kept up,” Richardson said.
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View plans and renderings for the proposed apartment communities at greenfieldreporter.com.
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