June 10, 2021…Like many communities across the nation, suburban Plainfield, Indiana, faces a shortage of affordable housing options for its job force. A new affordable community called Harper’s Crossing will help bring 1, 2, and 3-bedroom affordable rental homes to the community. Today, supporters of the $12.9 million community joined developer Woda Cooper Companies, Inc. to celebrate the 60-unit community being built near The Shops at Perry Crossing at 311 Harper’s Way, on a parcel of land that has been vacant and overgrown for many years.
Harper’s Crossing is located in an opportunity zone and received a tax abatement from the Town of Plainfield which was a critical first step in the development. The Indiana Housing & Community Development Authority (IHCDA) awarded housing tax credits used to generate equity financing, enabling rents to be maintained at affordable levels.
“As Indiana continues to attract new jobs and new talent to the state, it is critical that we have adequate affordable housing options in place to meet the demand of our growing workforce,” said Lt. Gov. Suzanne Crouch, chair of the IHCDA Board of Directors. “These tax credits used to help fund the construction of the apartments at Harper’s Crossing will help meet Plainfield’s housing needs.”
Harper’s Crossing will offer a three-story building and be comprised of 15 one-bedroom units, 30 two-bedroom units, and 15 three-bedroom units. Six accessible units will be designed specifically for the those with physical disabilities. In addition, free wellness screenings and a rent rewards program will be available to all residents. It will serve residents who earn from 30% to 80% of area median income, appealing to the area’s workforce. Rents will range from $292 to $1070 depending on the size of unit and income restriction.
“The Town of Plainfield continues to support diversifying our housing and we’re proud to join with the partners of this project to bring another affordable rental home community here,” said Town of Plainfield Town Council President Robin Brandgard. “The location, within walking distance of retail, restaurants and even the warehouse district provides ample opportunity for the future residents of this complex.”
Apartments at Harper’s Crossing will feature open floor plans, central air conditioning, and washer/dryer hookups. The building will offer free wi-fi throughout, a community room with kitchenette, a common laundry room, fitness room, an onsite management office, as well as additional offices for service providers. Outside, there will be a playground, bicycle racks, a patio, and raised bed gardens. Energy efficiency is a key component with design, construction, and materials are being used to meet LEED Silver certification standards.
“Plainfield is rapidly growing and has a great need for housing for workers at the area’s many retail businesses, distribution centers, as well as the Indianapolis International Airport,” said Nick Surak, Woda Cooper Senior Vice President-Development.
RBC Community Investments (RBCCI) was the tax credit syndicator and Huntington National Bank is the equity investor in a RBCCI affiliated fund. “RBC Community Investments is proud to be a partner in the Harper’s Crossing development effort which will bring much needed affordable housing to the Plainfield community,” said Harry Tepper, Director, Investment Manager at RBC. “We’re excited about the prospects for the project’s success given the high quality and exceptional performance of Woda Cooper’s previous developments.”
In addition to making an investment through RBC Community Investments, Huntington National Bank also provided a construction loan. “Huntington National Bank is proud to be part of the LIHTC Equity Investment as well as a debt provider on this project,” said John Corbin, Regional President for Huntington. “It was an exciting opportunity to partner with Woda Cooper Companies in an underserved market in Hendricks County, IN. Huntington is optimistic that this project will help a substantial unmet need for additional low-income housing in the area.”
Cedar Rapids Bank & Trust provided the first mortgage. “Supporting the development of new affordable housing options is critical in our mission as a lender supporting neighborhoods and communities. We are pleased to provide financial support to Woda Cooper Companies’ Harper’s Crossing in Plainfield, IN,” said Michael J. Goerdt, Vice President, Specialty Finance Group, Cedar Rapids Bank & Trust.
Indianapolis based Cripe is architect. BWI, LLC is general contractor and sustainability consultant is Sol Design + Consulting. Day to day property management and leasing will be performed by Woda Cooper’s management division. For more information, contact 614.396.3200.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family apartments, senior communities, and single-family homes. The company marked 30 years in business May 2, 2020, with operations in 16 states and a portfolio of approximately 350 communities and more than 15,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. In addition to its Columbus headquarters, Woda Cooper has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Annapolis, MD; Mackinaw City, MI; Charlotte, NC; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 10th in nation among Developers and 18th among Owners in 2021.