September 30, 2016- NDC Corporate Equity Fund XIII announced a LIHTC closing for the $18.2 million new construction of Monon Lofts, creating 142 units of rental housing. The project was completed in partnership with Indiana Housing & Community Development Authority and TWG Development, LLC and will provide workforce housing for individuals who make between 60% AMI and 120% AMI, a largely underserved demographic within downtown Indianapolis.
The Monon Lofts complex will consist of four apartment buildings that will contain 142 garden style units. The existing site is currently vacant industrial property that was built in the 1960s, the property is in poor condition and the majority will be torn down. The project site is located within a mixed‐use area on the near north side of downtown Indianapolis. The area is under renovation and has been designated a historic neighborhood of Indianapolis and continues to be a neighborhood in transition. Once complete the development will provide 62 1-Bedroom and 80 2-bedroom units. There will be 56 market rate units and the remaining units will rent to tenants earning 50%-60% AMI.