Announced in August, the program will create affordable housing and means of transportation that aid in managing the cost of living as well as adding to quality of life, according to a press release.
Brad Meadows, marketing and communications director at IHCDA, said the project is still in its beginning stages. In one of the first conversations with ESN, Meadows said they discussed how transportation problems are rarely mentioned in conversations on affordable housing and living.
IHCDA and ESN will work together to create innovative means of transportation for low- to middle-income individuals and families, such as electric cars and increased public transit among other things.
“Housing and transportation are the two biggest costs associated with any budget, and no one should be spending more than 30 percent of their budget on housing and 45 percent on transportation,” Meadows said.
Paul Mitchell, president and CEO of ESN, explained the concept further in the press release.
“Typically, affordable housing and transportation issues are addressed independently of one another,” Mitchell said in the press release. “Through this program, we will focus on developing solutions collectively, taking a coordinated, systems approach.”
When the IHCDA announced the project in August, they released a Request for Qualifications to find developers to participate. The IHCDA has since selected BWI LLC and Pedcor Investments as the “lead entities” for the two development teams that will collaborate with subject-matter experts from ESN.
“Indiana is fortunate to have so many outstanding developers,” said Jacob Sipe, executive director for IHCDA, in the press release. “It made this process incredibly competitive and our decision very difficult. With help from Energy System Network and other industry experts, these two teams will set a new precedent not only in Indiana but in the country for what affordable housing can look like.”
The selected developers will work with ESN’s subject matter experts in a series of intensive workshops necessary for creating development concepts. The workshops will also provide a platform for expoerts to deliberate ideas for successful means of transportation and housing.
The project will be paid for through an allocation of $750,000 of IHCDA’s rental housing tax credits and private funding for which the development teams will be responsible.
Should the developers receive the distribution, Meadows said the IHCDA could possibly break ground on a location in the fall 2017.
“We’re fortunate in Indiana that we have a lot of great developers,” Meadows said. “This is going to challenge them to put together a team of people, along with subject matter who have this knowledge in order to brainstorm with the development teams.”
