Almost two years after being awarded $2 million to build an 11-unit rental community in Fishers, HAND Inc. hosted a groundbreaking ceremony at the site June 15 to celebrate the start of construction.
The project had been on hold due rising construction costs, but HAND was able to proceed thanks to a $1.4 million low-interest loan from IMPACT Central Indiana, the impact-investing affiliate of Hamilton County Community Foundation and Central Indiana Community Foundation.
HCCF President Tom Kilian Jr. spoke at the groundbreaking ceremony, heralding the opportunity the project is creating for working families in Fishers. Inclusive economic growth is one of the foundation’s strategic priorities.
HAND Executive Director Andrea Davis also addressed the crowd, thanking construction and design team members Meyer Najem, David Rausch Studio, and Weihe Engineers for their commitment to the project despite the delays.
Fishers-based Meyer Najem is the general contractor on the $4.6 million project. Rausch, based in Zionsville, is the architect, and Carmel-based Weihe handled civil engineering.
In addition to IMPACT Central Indiana, funders include the Indiana Housing & Community Development Authority, the Hamilton County Community Development Block Grant program, and the Crosser Family Foundation. Citizens State Bank provided initial project funding.
Six of the 11 units will be reserved for residents earning up to 60 percent of area median income, a population that is funding it increasingly difficult to afford to live in Hamilton County. The remainder will be available at market-rate rents.
Founded in 2003, HAND is based in Noblesville. It leases a total of 142 rental homes to low- and moderate-income residents in Hamilton, Boone, and Tipton counties. Cumberland Cottages will be HAND’s first property in Fishers.