Category Archives: Noblesville

Updates under way at Historic Pleasant Street homes

Current News, Noblesville, , ,

Construction crews are about halfway done reviving three HAND-owned houses on Historic Pleasant Street, a $1.4 million development that will create four affordable two-bedroom rental units for working families.

Two of the units will be reserved for residents who earn no more than 60 percent of area median income, or about $58,000 for a family of four. One will be reserved for residents earning up to 50 percent AMI, and one is for residents earning up to 40 percent AMI.

The city of Noblesville donated the vacant houses to HAND in 2022, after the city’s Pleasant Street extension was rerouted to bypass the historic Plum Prairie neighborhood.

HAND’s initial plans called for renovating the homes, but 630 Historic Pleasant (right) will be demolished due to structural damage. That work is scheduled for Jan. 26, and construction of a new home on the site (below middle) will begin soon after.

Meanwhile, renovations continue at 544/546 Historic Pleasant (below left), which will remain a duplex, and at 648 Historic Pleasant (below right), which is being made ADA accessible. The State Historic Preservation Office signed off on the rehabilitation work and the new construction.

HAND’s Plum Prairie development won $880,000 in HOME funding from the Indiana Housing & Community Development Authority, and Hamilton County awarded the project almost $305,000 in Community Development Block Grant funds.

Additional funding came from Lake City Bank and MIBOR Realtor Foundation’s Economic and Community Development Council.

Construction is expected to be complete by mid-2024.

Brenner Design Architects is the architect for the development. Home Experts Indy is the general contractor.

rendering of remodeled and new homes

Noblesville affordable housing project tops tax-credit wait list

Current News, Noblesville,

The Indiana Housing & Community Development Authority did not award Low Income Housing Tax Credits to fund construction of HAND’s proposed Noblesville Granary Elevator and Lofts on Feb. 23, but the project still could proceed.

Just 16 of the 62 development proposals submitted to the IHCDA in November received the highly-sought-after tax credits. Another five—including the Granary—were placed on a waiting list and could could receive unused credits later this year.

“There is a still a strong likelihood that the project will move forward,” said HAND Executive Director Jennifer Miller.

HAND wants to build 56 affordable apartments on the site of the former Noblesville grain elevator along 8th Street in the city’s Southwest Quad. The $10.5 million project would be funded in part by selling the tax credits to investors.

Due to uncertainty in the equity market, IHCDA did not award all available tax credits, holding back a portion for funded projects that may need more. Tax credits that have not been reserved by mid-September, however, will be awarded to wait-listed proposals starting with the Granary.

Two other Hamilton County proposals also were placed on the wait list.

Read HAND’s full press release here.