Affordable Assisted-Living Facility Coming to Indy's West Side Thanks to Innovative Financing
Indianapolis will soon be home to a brand new affordable assisted-living home for seniors, courtesy of some unique financing and planning. According to a recent article announcing the plans in MultiHousingNews (MHN) online, Oasis at 56th will grace the city's west side with one of the few assisted living center's in the entire country to receive financing via HUD's low-income tax credit. Walker & Dunlop, Inc. structured the $17 million + construction loan that will allow for the facility's creation. Not only will this facility serve the area's seniors in need of care, but specifically those who meet additional financial requirements.
Convenience & Care in One Design
According to the MHN data, the new development's financing came through HUD's New Construction program. The assisted-living facility will receive a 40-year loan with a fixed interest rate and interest-only construction period. The construction plans themselves call for 124 units, of which 85% will be classified as affordable; this means that residents will earn 60% or less than the area median income.
The specs for the property describe a facility with convenience to local amenities as well as on-site specialized care for residents. The property itself spans just over three acres and is located near local Eagle Creek Reservoir as well as being only a short drive from downtown. According to more detailed information from a press release on Walker & Dunlop's page, Oasis at 56th will feature a four-story building with 73 one-bedroom and 51 studio apartments. The assisted- living units will also include living areas, accessible bathrooms, and kitchenettes. They also note that the community residents will enjoy features like:
A dining room served by a commercial kitchen
Fitness & wellness centers
Facility-owned vehicle for transportation to medical appointments
Daily living assistance services
According to the the information from Walker & Dunlop, Oasis at 56th will join its sister property, Oasis at 30th when the property reaches completion in early 2019. This facility will be the only one of its kind serving low-income seniors in the surrounding area. Integral Community Development is the assisted-living community's developer. Thanks to the specific HUD financing, the new facility will offer a low-cost living solution for seniors on Indy's west side early next year.