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.