Covington Square Apartments

The Covington Square Apartments project consists of a 212-unit multifamily rental housing project located at 115 South High School Road, Indianapolis, Indiana (“Covington Square”). Covington Square is owned by JPC Affordable Housing Foundation, Inc., a wholly owned affiliate of the Sole Member.  The Sole Member acquired the membership interest in JPC Affordable Housing Foundation, Inc., an Indiana nonprofit corporation, on February 18, 2016.  JPC Affordable Housing Foundation, Inc. acquired Covington Square on April 25, 2008, in connection with the issuance of $26,600,000 in aggregate principal amount of City of Indianapolis, Indiana Variable Rate Multifamily Housing Revenue Bonds (Capital Place Apartments, Covington Square Apartments and The Woods at Oak Crossing Projects) Series 2008. As of August 1, 2016, the units in Covington Square are 90% occupied.  The project has made all debt service payments, when due, and is in material compliance with its financial and operating covenants. The Bonds are supported by a Fannie Mae credit facility.