The Indianapolis Housing Agency today voted to pursue $14 million in rental housing tax credits to rehabilitate two Downtown high-rise apartment buildings for senior citizens.
The Lugar Towers and John J. Barton Apartments together have 466 units. Housing agency officials said the buildings are badly in need of repairs, with their antiquated elevators, plumbing, common areas, security and energy systems.
The housing agency would combine the tax credit money with other sources for a $29 million overhaul of the buildings. Tenants of the near-full buildings would be temporarily displaced during the project.
If the state awards the agency the federal tax credits in March, construction would take 12 to 18 months. With the recent downturn in the economy, agency officials said investors have not been as interested in the tax credits as they usually are, but the financial situation could be better in March.