After years of planning and months of site work, Cumberland Cottages has gone vertical.
HAND Inc.’s first development in Fishers is taking shape at the southwest corner of Cumberland Road and 141st Street, as crews begin framing 11 two-story rental units clustered around a shared courtyard.
Construction is expected to be complete by June 2024.
Six of the two- and three-bedroom homes 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; their rents will be based on household income and size.
Funders for the $4.6 million project include the Indiana Housing & Community Development Authority, Citizens State Bank, IMPACT Central Indiana, and the Crosser Family Foundation.
Once the site of a farmhouse, the property had only a garage remaining when HAND acquired it. That was demolished this summer before crews began building interior roads and other site infrastructure.
When work was delayed due rising construction costs, HAND secured 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.
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.