Keystone Construction Selected as Construction Manager for Disabled Veterans Housing Project

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Keystone Construction Selected as Construction Manager for Disabled Veterans Housing Project

02/28/2012

February 28, 2012
INDIANAPOLIS —  A new 75-unit apartment complex on the city’s West side will provide much needed housing for Veterans who are experiencinghomelessness and living with a disability thanks in part to the Indiana Housing and Community Development Authority (IHCDA), which announced  on Thursday, February 23rd  that it awarded $11 million dollars in Rental Housing Credits towards the project led by Building Block Non-Profit Housing Corporation.
The funds are from the federal Low Income Housing Tax Credit program and IHCDA’s development fund, which supports community redevelopment and housing for those with needs.
Lincoln Apartments will be built at 530 Holmes Ave., just one mile from the Richard L. Roudebush VA Medical Center.
Corporation for Supportive Housing (CSH), which is working to end homelessness throughout Indiana, is working in partnership with the Indiana Housing and Community Development Authority helping communities to develop supportive housing.
“Aligning with IHCDA’s strategic priority of ending homelessness in our state, this tax credit allocation will further our collective efforts to provide solutions and improve the lives of Veterans who have given so much to our country,” said Sherry Seiwert, Executive Director for the Indiana Housing and Community Development Authority.
In addition to the tax credit funds, Great Lakes Capital Fund will provide $9.8M in equity to finance the project.
The City of Indianapolis donated the land and provided $200,000 for the remediation of the site, which once was home to an iron works foundry that closed in 1962.
“This is a great use for this property and will provide much-needed services for our homeless and disabled Veterans,” Mayor Greg Ballard said. “Those who serve our country should be honored each and every day for the sacrifices they make, and this community will do just that. I have made it a priority of my administration to connect Veterans with valuable resources and benefits information, and our partnership for the Lincoln Apartments is a truly collaborate effort that goes above and beyond this objective.”
The team is comprised of: Building Block Non-Profit Housing Corporation; Volunteers of America of Indiana, Inc.; Milner and Caringella; Roudebush VA Medical Center; Keystone Construction; AXIS Architects + Interiors.

This team completed the 2011 Indiana Permanent Supportive Housing Institute, a six month training series which focused on ending homelessness among Veterans and those experiencing chronic homelessness.  IHCDA contracts with CSH on the institute as a key strategy to build industry capacity and to add new units to the pipeline. The institute involves an interactive training series guiding housing developers, service providers, and property managers in their efforts to design and operate quality supportive housing for vulnerable populations. Institute graduates have the opportunity to compete for a variety of financial resources through IHCDA including a Housing First set aside in the tax credit program and an opportunity to apply for Section 8 project based vouchers.
“CSH is honored to partner with IHCDA and the VA in an effort to end Veterans homelessness in Indiana, and we are delighted to see Building Blocks and their partners advancing this effort,” said Lori Phillips-Steele, CSH Indiana Program Director.
“The Veterans Integrated Service Network (VISN) 11 is pleased to partner with CSH and IHCDA in our strategic efforts to end Veteran homelessness,” said Phil Thomas, VISN 11 Network Homeless Coordinator. “Such innovative projects like the Indiana Permanent Supportive Housing Institute and the regional Veteran summits on homelessness are invaluable mechanisms to leverage federal, state, and city government resources with the business community and service providers. Given the ongoing war on terrorism and the faltering economy, now is the time to be bold rather than incremental with our plans to end and prevent homelessness. The Lincoln Apartments certainly personifies the spirit of cooperation and political will necessary to achieve this goal.”