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Walnut Ridge rehab preserved with 80% PILOT; Wallach Communities to keep units affordable
Indianapolis Metropolitan and Economic Development Committee · November 17, 2025
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Summary
Wallach Communities won committee approval for an 80% PILOT to preserve Walnut Ridge Apartments as affordable senior housing after foreclosure; the developer cited a funding package including 9% tax credits and an estimated $17 million development cost.
Wallach Communities presented an 80% payment-in-lieu-of-taxes (PILOT) request Nov. 17 that the committee approved to preserve Walnut Ridge Apartments, a 78-unit senior property at risk of converting to market rate after a 2024 foreclosure.
Sarah Ford, vice president of development for Wallach…
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