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IHA gets loan repayment extension on Millikan on Mass building

Posted at 11:26 AM, Sep 09, 2020
and last updated 2020-09-09 11:26:09-04

INDIANAPOLIS — A prime piece of housing will not go into foreclosure.

WRTV Investigates first reported about the Millikan on Mass two-building project last week.

Merchants Bank of Indiana was not willing to provide an extension on an $8.5 million loan that was due unless the Indianapolis Housing Agency made a chance in leadership.

The bank had a change of heart and decided to give IHA until January to pay.

The Millikan on Mass two-building project is critical to IHA because it generates income for public housing.

"Express my gratitude for the 90-day extension they provided," John Hall, IHA's executive director, said. "I am confident that we will not need it. We announce today a national equity firm. I hope to have them paid off by the end of October."

IHA is borrowing $6.2 million from the firm, obtaining $1.5 million from the city, and chipping in more than a million to pay off merchants and avoid foreclosure.

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