Downtown Indianapolis development honored by Affordable Housing Tax Credit Coalition

INDIANAPOLIS  The Affordable Housing Tax Credit Coalition (AHTCC) congratulates the winners of the 14th Annual Charles L. Edson Tax Credit Excellence Awards  including Downtown Indianapolis own Rink-Savoy development.  Presented to the most outstanding Low Income Housing Tax Credit (Housing Credit) properties in six categories, this national awards program celebrates the best in affordable rental housing development.  This year, the Coalition received an incredible number of entries43 applications from 23 states.  Indianapolis Rink Savoy won first place in the Metropolitan/Urban Housing category. 

The project was developed by Riley Area Development Corporation (RADC) and Mansur Real Estate Services in 2007.  The historic Downtown building contains 60 one and two bedroom apartments all of which are affordable to low and moderate-income residents, at 60 percent or lower median income.  Specifically, six of the original tenants were referred by the Coalition for Homelessness Intervention and Prevention (CHIP), an organization that places people in their first apartment after being homeless. Located in the heart of Downtown Indianapolis, the Rink was built in 1899, and the Savoy in 1898.  The building also includes five affordable  80 percent and below median income  condo units on the top floor of the building.  The one-bedroom condo units sales prices ranged from $57,500 to $98,000.

Representatives from RADC and Great Lakes Capital Fund visited Washington DC to accept the award on June 11th.  While in DC, our Indiana Senators and our House Representative shared our enthusiasm for this prestigious honor. 

Senator Evan Bayh, I congratulate Riley Area Development Corporation on its award and I am delighted to see a Hoosier venture recognized nationally.  The Rink-Savoy is a success story of how public and private resources can be leveraged to deliver affordable housing to our urban workforce.  Projects like this one help revitalize our neighborhoods, and bring enormous benefits to residents, local businesses and the greater community.  Senator Richard Lugar, I congratulate the Riley Area Development Corporation for this signal recognition.  As cities and towns across Indiana grow and revitalize, it is critical that community leaders address the needs of those seeking housing assistance and affordable housing opportunities.

From 1994  2008 RADC has provided 183 units of mixed income rental housing for a financial investment of over $23 million.

Total cost - $7.4 million.  Funding was provided by the following:  City of Indianapolis, Local Initiatives Support Corporation, Indianapolis Neighborhood Housing Partnership, First Indiana Bank, Federal Home Loan Bank of Indianapolis, Indiana Housing and Community Development Authority, Great Lakes Capital Fund, U.S. Department of Housing and Urban Development and the Economic Development Initiative.

Great Lakes Capital Fund (GLCF) provided $4.3 million to the Rink Savoy development, playing an instrumental role in financing a large portion of the construction cost.  GLCF is a nonprofit community development finance corporation with a mission to create sustainable communities.   Since 1993, GLCF has financed the construction of more than 18,000 apartments, 350 housing developments and 100,000 square feet of commercial space serving over 34,000 residents in communities across Michigan, Indiana, Illinois and Wisconsin. 

The Housing Credit program was created as part of the Tax Reform Act of 1986.  Today, the Housing Credit is widely regarded as the nations most successful housing production program ever, resulting in the construction and rehabilitation of more than two million housing units for lower-income Americans.