The Reserve at White River
The Reserve at White River will be an affordable LIHTC property developed in Indianapolis, IN. The Project will be comprised of two, 4- story, elevator-serviced residential buildings, 14 cottage-style single story buildings and a 5,000 SF Clubhouse building that will be situated on 10.75 acres of land. Project will use Income Averaging to qualify all units for tax credits with 150 (71%) of the units at 60% Area Median Income (“AMI”), 51 units (24%) set aside for tenants at 50% AMI and the balance (4% or 9 units) set aside for tenants at 70% AMI. The Project will be 100% age-restricted towards seniors (55+) with 21 of the units being fully accessible for tenants with special needs. The unit mix consists of 144 one-bedroom units and 66 two-bedroom units. The Property will be encumbered by a standard Land Use Restriction Agreement (LURA) prior to closing. The agreement will be set in place with a 15-Year Compliance period and an additional 15-Year Extended Use period.
The Indiana Housing and Community Development Authority will issue Multifamily Housing Revenue Notes to finance the tax-exempt portion of the project.