Timeline of Past and Present Projects
February 13, 2009
Indy CDE financed the renovation of a vacant 90,000 square foot hotel into classrooms and a ballroom for Ivy Tech’s culinary and hospitality school with a $15 million NMTC loan.
Ivy Tech is a statewide community college offering diverse technical and vocational training programs to nearly 40,000 students, 27,000 of whom reside in Indianapolis. Students enter the market prepared for high-quality jobs in the culinary and hospitality industry after completing these programs.
Indy CDE financed the construction of the new Avondale Meadows YMCA with a $17 million NMTC loan.
The facility provides residents with access to health, wellbeing, and educational resources. The facility continues to serve as an anchor to continued economic and community growth in a severely distressed neighborhood.
President Barack Obama visited Ivy Tech in Indianapolis and highlighted Ivy Tech Corporate College’s success and outcomes. The former president lauded Indy CDE and two other CDEs for their critical role in making the project a reality.
Indy CDE capitalized the Grow Indy Fund with an $8 million NMTC loan.
Grow Indianapolis Fund provides much-needed capital to small businesses serving low-income communities throughout Indianapolis. Since 2017, the fund has $8.2 million in loans to six small businesses.
Indy CDE financed the modernization of a 66,000 square foot facility into Riverside High School with a $9.3 million NMTC loan.
Riverside High School, the second campus of four Indianapolis Classical Schools, has provided over 575 low-income students with a transformative classical education each year. Riverside provides students with the foundation to continue their studies at the university level and beyond.
Indy CDE financed the new Phoenix Theatre Education and Innovation Center’s construction with a $10 million NMTC loan.
Phoenix Theatre is one of Indy’s most important cultural assets since its creation in 1983. The new facility dramatically expands Phoenix Theatre outreach efforts and provides increased educational and cultural opportunities to low-income communities. The Center also catalyzes economic activity in a severely distressed neighborhood.
Indy CDE financed the construction of a 50,000 square foot community center with a $10 million NMTC loan.
OrthoIndy Foundation YMCA serves a diverse population of approximately 17,000 people on Indianapolis’ west side by the International Marketplace. The community center provides a wide range of health, gathering, and childcare facilities previously unavailable. Additionally, the facility dedicates a 5,000 square foot space to provide medical services to underserved veterans.
In partnership with a group of government and community organizations, Indy CDE partially financed the PR Mallory Campus’ complete rehabilitation with a $17.45 million NMTC loan. Historic Tax Credits and Industrial Recovery Tax Credits generated additional capital to finance the project.
The PR Mallory Campus, in the Indy East Promise Zone, remained vacant for over 30 years The exciting restoration transformed the aging and vacant building into a usable space while preserving its historic character.
The building now houses Purdue Polytechnic Highschool and Paramount Middle School serving approximately 1,000 students and employing 200 teachers and support staff.
Indy CDE financed HqO, the innovation hub at the center of the 16Tech Innovation District with a $10 million NMTC loan.
HqO provides a gathering and community space for innovation activity and entrepreneurs/growing companies. The building provides 90,000 square feet of space where local entrepreneurs and artisans can collaborate and grow their businesses.
Indy CDE financed the Wheeler Mission Center for Women & Children’s expansion on Indianapolis’ Eastside with a $9 million NMTC loan.
Wheeler Mission has been assisting Indianapolis residents facing homelessness for over 125 years. The organization regularly receives over 700 monthly requests for beds from women. This facility increases Wheeler Mission’s capacity to provide safe shelter and supportive services to women and children by adding 164 new beds.
Indy CDE capitalized the Grow Indianapolis Fund II with $10 million. Since its inception, the fund has issued $2.8 million in loans.
Indy CDE partially financed the construction of a new training center with a $5 million NMTC loan.
Ivy Tech provides low-income residents in Indianapolis and throughout Indiana with a wide range of vocational training. The Center provides students with hands-on training in automotive maintenance, equipping them to fill an estimated 1,500 high-quality job openings in Indiana each year. Sixty-six percent of the program’s students are low-income individuals.
Indy CDE financed the rehabilitation and renovation of the historic building that once housed the Madam CJ Walker Manufacturing Company with a $13 million NMTC loan.
The Madam Walker Legacy Center preserves Madam CJ Walker’s legacy by providing cultural education, promoting social justice, and empowering young people to become entrepreneurs and civic leaders. The Center welcomes over 28,000 visitors annually. The renewed space preserves Madam Walker’s historic accomplishments in an updated home where generations will come to attend theater performances, films, lectures, debates, workshops, and historic tours.
Indy CDE financed the construction of RecycleForce’s new recycling facility with $13 million in NMTCs.
Since 2006, RecycleForce has employed over 2000 men and women with justice system involvement, providing industry-recognized training and certification, on-the-job training, and job placement services. RecycleForce employees also have access to and participate in: professional and peer mentoring; high school equivalency and literacy tutoring; assistance with housing and driver’s license reinstatement; substance abuse and mental health counseling; tax preparation, budgeting, and financial literacy training.
Indy CDE received its Fourth NMTC Allocation of $35 Million from the CDFI Fund