Rental Housing
Rink Savoy
Location
The Rink-Savoy Apartments, located at 401 N. Illinois Street in Indianapolis, Indiana, is a certified historic rehabilitation project. The property is listed on the National Register of Historic Places, developed by Riley Area Development Corporation and Mansur Real Estate Services. The historic building contains 60 one- and two- bedroom apartments, all of which are affordable to low and moderate income residents, ranging between 60% or lower median income tenants. Specifically, six of the original tenants were referred by the Coalition for Homelessness Intervention and Prevention (CHIP). These apartments serve as their first apartments after being homeless. The Rink, built in 1899, and the Savoy, built in 1898 are located in the heart of Indianapolis. During the 1950’s and 60’s when cities nationwide saw a mass exodus from urban areas to the suburbs, the Rink-Savoy began to decline, became Section 8 housing, and was ravaged by a massive fire in 1990. In 1998 the buildings were shut down by the Department of Housing and Urban Development, and had since remained vacant. Downtown Indianapolis has become a destination hub over the last several years, and an increasingly popular place to live. It has also become increasingly less affordable for lower income households. The Rink-Savoy bridges the gap by providing affordable housing in the revived, often expensive downtown area.
Affordable Homeownership
The building also includes five affordable (80% and below median income) one-bedroom condominium units on the top or seventh floor of the building. The one-bedroom condo units range in size from 445 sq. ft. to 740 sq. ft. The sales prices ranged from $57,500 to $98,000.
Financing Structure
Total cost – $7.4 million Sources: City of Indianapolis, Local Initiatives Support Corporation, Indianapolis Neighborhood Housing Partnership, First Indiana Bank, Federal Home Loan Bank of Indiana, Indiana Housing and Community Development Authority, Great Lakes Capital Fund, U.S. Department of Housing and Urban Development and the Economic Development Initiative.
Award
Charles L. Edson Tax Credit Excellence Awards
– First Place in the Metropolitan/Urban Housing category
