Noblesville workforce housing project wins $250,000 ARPA pledge; developer must secure matching funds

County staff and developers briefed the ARPA Committee on a Noblesville Section 42 workforce housing project that received state tax credits but faces a financing gap because rising construction costs and higher interest rates increased the project price. Oscar Guiterrez described the project history and financial gap; developer Scarlett Andrews said the project could be reduced to 39 lease-to-own townhomes and still meet affordability goals but still faces approximately a $500,000 shortfall.

Andrews said the developer and partners have explored options including a low-interest loan administered by the Hamilton County Community Foundation and conversion of permanent debt to lower rates; she said grant aid of about $500,000 would also close the gap. Commissioners discussed loan versus grant approaches and county objectives for replicable affordable housing models. "I would be comfortable meeting half of the gap if you can find the other half," Commissioner Christine Altman said, and she moved to promise $250,000 in ARPA funds if the developer secures the remaining match. Commissioner Brad Beaver seconded; the motion carried unanimously.

The developer was asked to coordinate with county staff and the community foundation on loan/repayment structures and to return with final financing details needed to close. The project faces a construction timeline constrained by tax-credit and ARPA deadlines, with an estimated 13‑month build period and a construction-start target in August to meet a December 31, 2025 completion requirement discussed at the meeting.