Gary Hope VI
Gary, IN
The Arsh Group assisted the Housing Authority and the City of Gary in conceptualization, coordination and development of this project. Initially the Arsh Group assisted with the development of the application for HOPE VI funding. This application set the a revitalization concept for the Duneland Village in two separate sites, the existing site as a mixed income community (131 rental units) as well as an off-site development in the Horace Mann Neighborhood (123 rental units) . The Plan also had a homeownership element consisting of 30 single family lots and 13 homeownership units.
The application was successful because of its conceptual elements of mix housing and homeownership. It resulted in the Authority receiving a $19 million funding from HUD. After the award, the Arsh Group assisted the Authority with the selection of Program Manager, and the developer for the project. During the development phase, the Arsh Group was an integral part of project management team and provided technical and coordination assistance in funding development, tax credit application, public improvements and coordination with the City.
Project Funding Sources Project Funding Sources
Duneland Village
HUD HOPE VI Funds $10,855,254
PHA Capital Funds $625,000
Private Mortgage Debt $3,449,000
Private Tax Credit Equity $5,888,000
City of Gary/Public Imp. $3,000,000
Total $24,109,254
Horace Mann
HUD HOPE VI Funds $6,805,335
PHA Capital Funds $1,800,000
Private Mortgage Debt $2,563,500
Private Tax Credit Equity $5,618,500
City of Gary/Public Imp. $2,845,000
Total $19,707,000
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