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Parkwoods I & II Redevelopment
Located in the city's northeast side, the Parkwoods project is comprised of three adjacent properties in the Meadows area. The Community Builders, who are both owners and developers for the property, have partnered with the area United Northeast Community Development Corporation (UNECDC) to undertake this redevelopment effort.
The Parkwoods Apartments, a 254-unit, 22 building, project-based section 8 apartment complex, will be demolished to make way for 200 new units of mixed-income apartment units. Sherman Forest East, located in close proximity to the Parkwoods site, is a new construction development that will include 54 two, three and four bedroom townhomes. Together, these two projects will yield 254 affordable housing units, replacing the number available at the Villages at Mills Crossing (formerly Parkwoods Apartments) site.
The Sherman Forest Apartments, comprised mostly of one bedroom apartments and some efficiencies, completes the third componenet in this redevelopment. These 137 units will be upgraded without relocating the existing residents.
The City of Indianapolis has provided more than $2 million in HOME funds to the project, which has also received upwards of $8 million from the U.S. Department of Housing and Development (HUD) and Low Income Housing Tax Credits through the Indianapolis Housing Finance Authority (IHFA).
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