June 9, 2021…Co-developers HVAF of Indiana and Woda Cooper Companies, Inc. hosted a ceremonial Groundbreaking at Proctor Place today to celebrate the construction start for the new 61-unit, high-quality affordable housing community supported with housing tax credits allocated by the Indiana Housing & Community Development Authority (IHCDA), with 15 units set aside for homeless veterans. The $12.6 million Proctor Place is being constructed at 240 N. Warman Ave. on the Central Greens campus, just west of downtown Indianapolis.
Indianapolis Mayor Joe Hogsett was a featured guest at the shovel ceremony which, due to inclement weather, was held at REACT young actor’s theater two blocks from the construction site. “Our veterans have made incredible sacrifices to protect and serve our community, and it is critical that we do the same for them,” said Mayor Hogsett. “Today is a huge milestone as we expand comprehensive housing services for our city’s homeless veterans, honoring the work they have done to keep us safe.”
The City provided a Payment in Lieu of Taxes (PILOT) to support the development and Indianapolis Housing Agency (IHA) provided project-based vouchers for the 15 units set aside for veterans. Supportive services will be coordinated by HVAF of Indiana who is also the project owner.
“HVAF is proud and privileged to partner with Woda Cooper Companies in expanding veteran-friendly affordable and supportive housing options in Indianapolis,” said Brian R. Copes, President and CEO of HVAF of Indiana. “As an agency dedicated to serving veterans, we are grateful for the opportunity to provide safe housing to those who need it most.” In addition to providing high-quality affordable apartment homes and a wide array of amenities, residents will have access to onsite case management, supportive services, and transportation assistance. An earlier five-bed transitional housing facility is being redeveloped as part of the new community.
Proctor Place is named in honor of Sergeant Joseph Eugene (Joey) Proctor, a member of the Indiana Army National Guard, who was killed in action during combat operations in Iraq in 2006 and awarded the Silver Star for heroism and conspicuous gallantry. “We are proud to associate this effort with such a distinguished Hoosier veteran and we are grateful for Joey’s service and sacrifice,” said Copes. “We were honored to be joined today by Joey Proctor’s parents, Lloyd and Sharon.”
Supporting veterans was a goal for this development from its inception, said Nick Surak, Senior Vice President with Woda Cooper Companies, Inc. “Our partnership with HVAF of Indiana is critical — Proctor Place will expand on their proven expertise in providing housing and other services for the state’s veterans.”
In total, the three-story Proctor Place will offer 61 units: 15 one-bedroom, 31 two-bedroom, and 15 three-bedroom general occupancy apartments available to residents who earn up to 30%, 50%, and 80% of area median income. Rents will range from $461 to $1035 depending on the size of unit and income restriction. The award of housing tax credits from IHCDA was essential in obtaining the equity financing needed to ensure affordability.
“I would like to personally thank the Woda Cooper Companies and HVAF’s President & CEO Brian Copes for their partnership on Proctor Place and to ensure veterans living at this new development will have access to a wide array of supportive services,” said J. Jacob Sipe, Executive Director for IHCDA. “I also want to acknowledge their leadership to help support more than 400,000 veterans living in Indiana.”
Proctor Place will feature many energy-saving features and is expected to be certified LEED Silver. Along with the attractive apartments, the community will include an onsite management office, two additional office spaces for supportive services consultation, a community room with kitchenette, multiple free computer stations and free wi-fi throughout the building, secure indoor bicycle storage on each floor, and units for those with physical disabilities. Outdoor community spaces include a playground, gazebo with benches, grills, and bike racks.
“Housing is not a luxury. It is a necessity that should be available to everyone. The Indianapolis Housing Agency is working to make that a reality, especially for our veterans who risk their lives to ensure our freedom. We are thrilled to be able to provide 15 vouchers designated specifically for veterans. We are grateful for the partnership with Woda Cooper companies. This partnership allows us to further fulfill our mission of providing safe and affordable housing to families and individuals in Marion County,” said Indianapolis Housing Agency Executive Director John E. Hall.
Proctor Place was recently awarded a Quality Supportive Housing Endorsement from CSH-Indiana based on the development mission and vision for Proctor Place, site and architectural plans, neighborhood amenities, and operational and supportive services plan.
Equity financing was provided by Fallbrook Opportunity Zone Fund II. “Fallbrook Opportunity Zone Fund II, LLC (the “Fund”) is very excited to be working with Woda Cooper Companies and HVAF of Indiana and to be part of this great project,” said Rose H. Eaton, Chief Credit Officer. “As a fund manager and Low Income Housing Tax Credit investor, Fallbrook Financial Services Company is excited to participate in bringing additional housing for homeless veterans and families in the Indianapolis area. Each new unit represents the possibility of stabilizing another family and helping them achieve success. Fallbrook’s funds are designed to bring opportunities for institutions and communities to work together to construct or rehabilitate affordable housing.”
A first debt mortgage for Proctor Place was contributed by Cedar Rapids Bank & Trust. “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 Proctor Place in Indianapolis, co-developed by Woda Cooper Companies and HVAF,” said Michael J. Goerdt, Vice President, Specialty Finance Group, Cedar Rapids Bank & Trust.
Fifth Third Bank also lent invaluable support: “Fifth Third Bank is proud to be a part of the Proctor Place project in Indianapolis,” said Justin Marshall, Commercial Real Estate Investor. “Fifth Third Bank is the construction lender and the equity investor in the project. We are excited to play a role in a project that will provide housing for veterans and families for many years to come.”
“Financing for Proctor Place reflects the development team’s success in leveraging multiple funding sources,” said Surak. “We appreciate the support from the City of Indianapolis, the Indianapolis Housing Agency, Indiana Housing & Community Development Authority, as well as our other invaluable financial and development partners who are essential for bringing Proctor Place to life.”
Indianapolis-based Cripe is architect. Sustainability consultant is Sol Design + Consulting. BWI LLC is general contractor. Day to day property management and leasing will be performed by Woda Cooper’s management division. For more information, contact 614.396.3200 or HVAF of Indiana at 317.951.0688.
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.
About HVAF of Indiana
Helping Veterans And Families (HVAF) helps homeless veterans return to self-sufficiency and engages at-risk veterans and their families to prevent them from becoming homeless by providing supportive housing, case management, employment support, and basic needs including food, hygiene and clothing. In 2020, HVAF served 1,453 veterans and provided over 33,000 life-changing services.