The Estates at Crystal Bay Apartments project consists of a 432-unit affordable multifamily rental housing development located at 7136 Crystal Bay Drive East, Indianapolis, Marion County, Indiana 46260. JPC Charities acquired the membership interest in and became the sole member of FARH-South Affordable Housing, Inc., a 501(c)(3) organization and the owner of Estates at Crystal Bay Apartments on February 18, 2016. This project was financed with the proceeds of the issuance $38,415,000 in original aggregate principal amount of Public Finance Authority Multifamily Housing Revenue Bonds (Woodhaven Park Apartments and Estates at Crystal Bay Apartments Project) Series 2016. S&P rated these bonds and these bonds currently have a credit rating of “A-”. As of August 1, 2016, the units in the Estates at Crystal Bay Apartments are 98.5% occupied. The project has made all debt service payments, when due, and is in material compliance with its financial and operating covenants.
