INDIANAPOLIS — Several low-income housing developments across the Indy metro are seeking assistance for renovations and other necessary updates.
The City County Council considered Proposal No. 335, 2025, Proposal No. 336, 2025 and Proposal No. 337, 2025 at a meeting Monday night.
The Council unanimously approved Payment in Lieu of Taxes or PILOTs for all three.
One of them, Walnut Ridge Apartments, is a 78-unit, senior 55 and over community off Emerson Avenue.
“It does add to the housing stock across our city, specifically district 9, where we have 78 additional units that are affordable and specifically designed for our seniors," Councilor Keith Graves said.
The other two projects are Promenade at the Square — a part of the Lafayette Square Mall Redevelopment Plan and Capitol Station Apartments — off Madison Avenue.
At a committee meeting last month, Councilor Derek Cahill was a vocal supporter of the PILOT in District 23.
Cahill says that before the PILOT approval, the city received no property tax from this apartment.
Now, the city will get between $11,000 to $17,000 per year through 2041.
“We’re rehabbing a facility that’s been there. A lot of times, we get to a point where we are doing tax abatements for properties that have gotten into serious disrepair, and now we’re having to tax incentivize to essentially bulldoze," he said. “This is nice to see that we are proactive and hopefully getting another 30 years of life out of this building.”
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Nico Pennisi is the In Your Community reporter for Downtown Indy. He joined WRTV in October 2022. His passion has always been telling the stories of people who often get overlooked. Share your story ideas and important issues with Nico by emailing him at nico.pennisi@wrtv.com.
