Come show your opposition to the proposed development of the 242-unit apartment complex at Saulcy and Astor on Wednesday, June 3 at 1pm.
The assessment of benefits will cover the price the developer paid for public land – $0.26 cents per square foot – with a total of $3,058.02. The market value on the lowest end for that particular block is $6.50, which would come to $73,619.
We must not forget that developers of “affordable housing” complexes such as this proposed one at Saulcy and Astor are not only making huge profits, they are also getting millions in tax breaks. The developer of this proposal in Stringtown, Annex Group, told us in an email that they are receiving $3.4 million in tax credits alone.
While predatory developers line their pockets, we pay the ultimate price! This is not “affordable housing,” this is gentrification and displacement! According to a recent Mirror Indy article, “The proposed apartments would be reserved for people making between 50% and 70% of the area median income. For a family of three, 50% of the area median income is about $50,000.” At Stringtown Now, that’s a lot of money for us, and we know our friends and neighbors agree… so, who is this really for?
See you Wednesday.
In solidarity,
Stringtown Now
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