The Indiana Housing & Community Development Authority’s Board of Directors voted today to award HAND Inc. a $1.5 million grant from its HOME Investment Partnerships program and a $500,000 loan from its Development Fund to support construction of 11 rental cottages in Fishers.
HAND, a nonprofit community housing development organization based in Noblesville, plans to invest more than $3 million to build Cumberland Cottages. Hamilton County previously allocated $200,000 in Community Development Block Grant funding to HAND for property acquisition.
HAND will continue to seek additional funding for the project, which will also utilize a loan from Citizens State Bank.
Cumberland Cottages is planned for almost 2 acres of mostly vacant land at the southwest corner of Cumberland Road and 141st Street in Fishers. Earlier this year, the Fishers City Council agreed to rezone the property to allow for the development.
Plans call for building four two-bedroom units and seven three-bedroom units in what’s known as a cottage court layout, clustered around shared green space. Six of the 11 cottages will be reserved for residents who earn no more than 60 percent of area median income.
This will be HAND’s first rental property in Fishers. It owns eight rental communities in Hamilton and Boone counties—in Carmel, Cicero, Noblesville, Sheridan, and Lebanon—leasing almost 140 affordable apartments to low-income residents. Construction of a ninth, in Tipton, is expected to start this fall.
“We know that residents throughout Hamilton County need a wide range of housing options—including some affordable ones—and HAND is thrilled to be able to help,” said Executive Director Andrea Davis.
As part of its application for HOME funding, HAND signed service agreements with more than a dozen local nonprofits that may be able to assist residents of Cumberland Cottages. Tenants will receive information about community partners’ services at move-in.
Construction is expected to begin early next year, following the completion of a federal environmental review and the city of Fishers’ approval of the final development plan.
HAND has enlisted the help of several local firms to develop Cumberland Cottages. Project partners include David Rausch Studio, Jung Design, Context Design, Weihe Engineers, and Meyer Najem Construction.