October 25, 2016- NDC Corporate Equity Fund XIII announced a LIHTC closing for the $13.5 million, 73-unit adaptive reuse and new construction of a 62+ senior mixed-income affordable housing development. The Florence Fay School Senior Apartments project was completed in partnership with TWG Development.
The Florence Fay School building was constructed in 1915, the school was closed in 2007 and the building has since sat vacant. Located in Eastern Indianapolis, the property is in walking distance to a full-service grocery store, pharmacy and several community services. The proposed units will offer amenities attractive to independent seniors, looking to keep an active lifestyle. The unique adaptive re-use will create 50 units within the historic school building, the remaining 23 units will be in a newly constructed portion of the building. There will be 8 studio units, 53 1-Bedroom and 12 2-Bedroom for seniors 30%-60% of AMI.