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Commissioners approve pilot agreement for Foundry Row affordable apartments
Summary
County commissioners approved a pilot agreement enabling Foundry Row Apartments — a 40-year affordable housing development financed through the Indiana Housing and Community Development Authority tax-credit program — with a $30,000 first-year payment commitment.
Delaware County commissioners voted April 7 to finalize a pilot agreement for Foundry Row Apartments, a tax-credit-funded affordable housing project on South Cowan Road.
Marissa Knatzer, development director for the Foundry Row project, told commissioners the development received funding from the Indiana Housing and Community Development Authority and committed to keeping rents affordable for 40 years under the tax-credit program. The pilot agreement includes a payment of $30,000 for the first year; commissioners were told the payment would increase 3% annually for 15 years thereafter.
Why it matters: The pilot agreement is part of the tax-credit financing package that assisted the project in securing state funding. Commissioners debated location and infrastructure impacts; one commissioner expressed reservations about siting near industrial uses but ultimately joined colleagues in approving the pilot.
Vote: The motion to approve passed on a roll call: Commissioner Brand — yes; Commissioner Reagan — yes; Commissioner Graham — no. The agreement therefore carried by majority vote.
What comes next: Project representatives said construction was expected to begin in summer 2025. The project team committed to continuing coordination on roadway and drainage improvements tied to the development.
