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Three new TIF districts under consideration by the Indianapolis City-County Council back redevelopment projects that will add affordable housing inventory.
The Metropolitan and Economic Development Committee passed one of the proposals to create a TIF district to help finance the 1827 North Meridian development. It will provide nearly $5 million in bonds to create the new six-story, multi-family structure on the near north side.
DMD Director Scarlett Andrews said the project is a good example of how transit-oriented development along bus-rapid transit lines has led to an increase in multi-family housing.
“And when I say multi-family housing I mean rental development for price points across the spectrum everything from market rate housing, to workforce, to affordable to permanent supportive housing,” Andrews said.
The building will add density to the area that is near development of the new IU Health hospital campus.
This project and two other housing projects backed by TIF funding will add a total of 606 units.
The developments are required to set aside five percent of those units for affordable housing at 30 percent of the area median income.
Andrews said one new multi-use project at the former White Castle site in Fountain Square creates more than 200 units and is backed by $8.3 million in TIF funds.
“As you know this is right on the Cultural Trail, we see great opportunity and optimism about the retail and restaurant space they are planning for this development,” Andrews said.
The other new TIF project is called Guilford Midtown in Broad Ripple and uses $7.5 million in TIF funds.
TIF projects capture future tax dollars brought through the development.
Contact WFYI city government and policy reporter Jill Sheridan at jsheridan@wfyi.org. Follow on Twitter: @JillASheridan.
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