Near North Development Corporation (NNDC) is undertaking a $2 million rehab of a 24-unit apartment building at 3630 N. Meridian St. Funding comes in part from a $1.25 million HOME award from the City of Indianapolis—money from the federal government that is dedicated to affordable housing. A grant from the Federal Home Loan Bank of Indianapolis contributed as well. According to Michael Osborne, NNDC executive director, the project met federal guidelines for investments along transit corridors that support housing options. “The injection of these dollars will insure that these apartments will be available to people of more modest means for the next 15 years,” he said. The one-bedroom, one-bath units are expected to rent for around $600 a month, including utilities. Osborne said the renovation will be extensive and include new HVAC systems, updated plumbing and electrical wiring, and new kitchens and walls. Construction is expected to begin by year’s end. The goal is to have the building ready for occupancy by summer 2016.
