November 9, 2022, Indianapolis — Co-developers HVAF of Indiana, Inc. (HVAF) and Woda Cooper Companies, Inc. (Woda Cooper) unveiled the new Proctor Place, a 61-unit, high-quality affordable housing community located at 240 N. Warman Ave., on the Central State campus, just west of downtown Indianapolis. Elected officials, including Mayor Joe Hogsett, plus veteran and housing advocates, financing partners, and other supporters of the development joined the co-developers and family members of namesake Sergeant Joseph Proctor for remarks, a ribbon-cutting, and a tour of the new property.
Proctor Place is named in honor of Sergeant Joseph Eugene (Joey) Proctor, a member of the Indiana Army National Guard killed in action during combat operations in Iraq on May 3, 2006. He was posthumously awarded the Silver Star for his selfless courage.
“HVAF of Indiana is pleased to celebrate the opening of Proctor Place to offer new supportive housing options for veterans in Indianapolis,” said Emmy Hildebrand, HVAF’s Chief Executive Officer. “We are pleased to honor Sergeant Proctor, and all veterans, as we join with Woda Cooper Companies to provide housing for the most vulnerable veterans in our community.”
The $12.6 million Proctor Place, located where an earlier five-bed transitional housing facility was operated by HVAF, was made possible through housing tax credits allocated by the Indiana Housing & Community Development Authority (IHCDA). It will have 15 supportive housing units set aside for homeless or at-risk veterans.
“Proctor Place serves a dual role in that it secures both affordable, workforce housing while also providing permanent supportive housing for veterans who experience homelessness,” said Indianapolis Mayor Joe Hogsett. “So, today’s ribbon cutting celebrates far more than an attractive new building at a historic site. It represents our city’s ongoing commitment to securing a pathway to housing for every resident of Indianapolis.”
The City of Indianapolis Department of Metropolitan Development (DMD) 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 homeless veterans. In addition to city incentives, the Hogsett Administration and Central Indiana Community Foundation’s Housing to Recovery Fund will award HVAF Indiana with $167,000 for supportive services.
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 to produce 61 affordable apartments at Proctor Place, including 15 permanent supportive housing units for homeless or at-risk veterans, will expand on HVAF’s proven expertise in providing housing and other services for the state’s veterans,” said Nick Surak, Woda Cooper Companies’ Senior Vice President- Development. “We thank HVAF, as well as the City of Indianapolis, Indiana Housing & Community Development Authority, Indianapolis Housing Agency, and our financial partners including Fallbrook Opportunity Zone Fund II, Fifth Third Bank, and Cedar Rapids Bank & Trust.”
In total, the three-story Proctor Place will offer 61 units: 15 one-bedroom, 31 two-bedroom, and 15 three-bedroom general occupancy apartments. Most units will be rented at rates affordable for residents that earn up to 50% and 80% of area median income (up to $40,800 and $65,280 per year for a household of four people). Those projected rents range from $565 to $1035 depending on income restriction and unit size. In addition, there are 15 units of supportive housing for veterans available for those at 30% of AMI with Project Based Voucher rental assistance.
“IHCDA is grateful for the partnership with Woda Cooper Companies and HVAF’s President & CEO Emmy Hildebrand – without great partners such as this, IHCDA could not accomplish our mission to create and preserve affordable housing for Hoosiers across the state,” said J. Jacob Sipe, Executive Director for IHCDA. “There is high demand for veteran housing, and we continue to close the gap to provide affordable housing for veterans across our state.”
Proctor Place has many energy-saving features and will 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, grills, and bike racks.
Proctor Place earned 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.
“Fallbrook Opportunity Zone Fund II, LLC (the “Fund”) and Fallbrook Financial Services, as the fund manager and Low Income Housing Tax Credit investor, is very happy to be in partnership with Woda Cooper Companies and HVAF of Indiana,” said Rose Eaton, Chief Credit Officer. “As Proctor Place has come to completion, the new units represent the possibility of stabilizing 15 veterans and their families in the Indianapolis area.” Fallbrook’s funds are designed to bring opportunities for institutions and communities to work together to construct or rehabilitate affordable housing. Through its various affiliates, Fallbrook Financial Services Company (www.fallbrookfinance.com) provides capital solutions, both debt and equity, to tax incentive projects including Low Income Housing Tax Credit projects, Historic Tax Credit projects and renewable energy projects.
Fifth Third Bank provided a construction loan and is an investor in the development through Fallbrook. “The collaboration of our private, public, and non-profits sectors to open high-quality affordable housing that serves not only families in need, but honors and houses homeless veterans who served this country is something to be celebrated,” shares Mike Ash, Regional President of Fifth Third Bank. “Fifth Third Bank is proud to partner with organizations like HVAF of Indiana and Woda Cooper, alongside the tremendous sacrifice of the Proctor family, to continue creating better communities in which we live and work.”
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.
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 HVAF at 317.951.0688 or Proctor Place leasing office at 463-201-5154.
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 2021, HVAF served 1,329 veterans and provided over 35,000 life-changing services.
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 400 communities and 16,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 10th in nation among Developers and 17th among Owners in 2022.