GREENFIELD — The state has awarded nearly $30 million worth of incentives for a proposed senior apartment development in the city.
The Indiana Housing and Community Development Authority announced Vita of Greenfield, developed by Vita Investment Holdings, LLC, will receive $21 million in multifamily bonds and $799,296 in tax credits annually for 10 years for the construction of 110 rental units for seniors of mixed income. The development will also include assisted living services, according to a news release from the IHCDA.
Zeke Turner, founder and CEO of Indianapolis-based Vita Investment Holdings, said the project is still very early in its process and that he’s not yet ready to disclose the development’s location or other details. He said he expects more information will be available later this summer.
“We really like the Greenfield area and Hancock County in general, but development is a long process and we want to make sure we do it thoroughly and intentionally,” Turner said. “This is the first step toward it.”
Joanie Fitzwater, Greenfield planning director, said she’s familiar with the project but that the developer has yet to pursue anything formally with the city.
“They have not filed anything yet,” Fitzwater said. “I’ve just talked to them, so I imagine they need their tax credits before they’ll file.”
Vita of Greenfield was one of five developments for which the state recently announced awards. Funding from the Low-Income Housing Tax Credit program in conjunction with Multifamily Tax Exempt Bonds is used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.
The IHCDA administers and manages the federal tax credits which provide incentives for the creation and preservation of affordable housing units.
“These awards are major investments in Indiana’s infrastructure,” Lt. Gov. Suzanne Crouch said in the news release. “These five properties will greatly benefit their communities and the Hoosiers who live there. Preservation and creation of affordable housing is critical to ensuring long-term affordability that allows residents to thrive in neighborhoods and to maintain consistency in their neighbors, schools, jobs and health care.”
