HousingTuesday, November 10
Bloomington Housing Authority buys five apartment complexes and plans $10 million in repairs
The Today in Bloomington team
The Bloomington Housing Authority now owns Summit Pointe, Basswood, Woodland Springs, Kingston Manor and Northcrest. It bought the roughly 924 units from Hometown Property Group on Nov. 5 with proceeds from its 2026 general revenue bonds. Indiana Public Media puts the price at $93 million. The Bloomingtonian reported the authority's announcement didn't disclose it.
The purchase moved from bond hearing to closing in months
- SummerThe authority began the process of issuing bonds.
- AugustA public hearing notice proposed up to $100 million in bonds.
- Nov. 5The authority purchased the five complexes.
- WinterInterior repairs and resident meetings are set to begin.
Sources: Indiana Public Media, WBIW, The Bloomingtonian
Executive Director Nathan Ferreira says the goal is preserving market-rate units for the Bloomington workforce, then converting some to subsidized housing after seven years. Hayes Gibson Property Services will manage the buildings.
- Built: between 1964 and 1989
- Occupancy: 69% to 94%
- Repairs: about $10 million over two years
- Tenant questions: Alex Jackiw, 812-876-5478
Most of the repair work is targeted for year one
70%of the project targeted for completion in the first year
Source: WBIW
View as table
| Value | |
|---|---|
| of the project targeted for completion in the first year | 70% |
Sources: Indiana Public Media, WBIW, The Bloomingtonian