HUD also is selling the building with one more proviso—units must remain affordable for the next 20 years. Rents for the one-, two- and three-bedroom apartments must be within reach of households earning 50% of the area median income.
Rehabbed in 1995, Indiana Terrace is projected to generate $468,628 in net operating income.
In addition to a $50,000 earnest money check, would-be buyers must provide a letter of credit for $422,171—25% of the projected costs to make needed repairs to the 52,480-sf building.
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