A Noblesville-based task force has announced plans to invest $2 million to acquire and renovate a rental community in Lebanon. HAND Inc. says it plans to transform 17 duplexes in the Hickory Commons community into affordable apartments for low-income residents.
The project is HAND’s first outside of Hamilton County and will have 33 leasable units available to residents. HAND says 28 of the units will have rent below the limits set each year by the U.S. Department of Housing and Urban Development. The remaining units will have market-rate rents.
The organization says the renovations are expected to take about a year to complete, however current residents will not be displaced.
"Our mission is to provide housing and neighborhood development, and we don’t want to limit ourselves to one geographic area," said HAND Executive Director Jennifer Miller. "Every community needs housing options, and we are well-positioned to help."
The Indiana Housing and Community Development Authority has contributed $1 million from the federal HOME program for the project, along with $500,000 from the state Community Development Block Grant program. The remainder of the funding is coming from a private loan through Lake City Bank.