HAND Inc. is scheduled to present its plans to build nine units of senior housing in Tipton to the city’s Board of Zoning Appeals on June 10, potentially clearing the way for a $2.1 million investment.
Called Southwood Villas, the proposed development would be located on five residential lots HAND acquired last year on Southwood Drive, just east of Tipton High School. The oddly shaped lots, which back up to the school’s football field, have been vacant since construction on the neighborhood began in the mid-1990s.
Although the property’s zoning allows for attached housing like what HAND is planning, the nonprofit housing developer is asking the city to waive three other development standards related to lot size, parking and fencing.
The bulk of project funding will come from the Indiana Housing and Community Development Authority’s HOME Investment Partnerships and Development Fund programs.
Residents must be at least 55 years old and earn no more than 60 percent of area median income: about $28,850 per year for a single tenant or $33,000 per year for a couple. Rents will range from $550-$750 per month, depending on household size and income.
The development will address key housing issues and goals cited in Tipton’s 2012 Comprehensive Plan by providing safe and suitable housing opportunities for the growing senior population. The rental housing options will help with alleviating concerns about housing accessibility, property maintenance and affordability that older adults often experience.
Founded in 2003 as Hamilton County Area Neighborhood Development Inc., HAND has invested more than $21 million in suburban housing.