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ATTORNEY FOR PETITIONER: LARRY J. STROBLE BARNES & THORNBURG Indianapolis, IN

ATTORNEYS FOR RESPONDENT: STEVE CARTER ATTORNEY GENERAL OF INDIANA ROBERT B. WENTE DEPUTY ATTORNEY GENERAL Indianapolis, IN _____________________________________________________________________

IN THE INDIANA TAX COURT
_____________________________________________________________________ HOMETOWNE ASSOCIATES, L.P. d/b/a UNITY PARK, ) ) ) Petitioner, ) ) v. ) Cause No. 49T10-0208-TA-98 ) JAMES P. MALEY, JR., TOWNSHIP ) ASSESSOR OF CENTER TOWNSHIP, ) MARION COUNTY, ) ) Respondent. ) _____________________________________________________________________ ON APPEAL FROM A FINAL DETERMINATION OF THE INDIANA BOARD OF TAX REVIEW _____________________________________________________________________ FOR PUBLICATION December 16, 2005 FISHER, J. Hometowne Associates, L.P. d/b/a Unity Park (Unity Park) appeals from a final determination of the Indiana Board of Tax Review (Indiana Board) valuing its real property for the 2001 assessment (the year at issue). The sole issue for the Court to decide is whether the Indiana Board erred in denying an obsolescence adjustment to Unity Park.

FACTS AND PROCEDURAL HISTORY Unity Park is a scattered-site, 1 low-income housing development located just north of downtown Indianapolis. The development consists of 60 rental units, each with either two, three, or four bedrooms, and is located in an area designated by the City of Indianapolis as "blighted." Constructed in the mid 1990's, Unity Park was financed and operates under two federal housing programs. First, Unity Park was designed as low-income housing to qualify for tax credits pursuant to section 42 of the Internal Revenue Code. 2 Under this program, Unity Park's developers received approximately $5.3 million in tax credits to

A scattered-site housing development consists of parcels that are generally non-contiguous. In this case, Unity Park's rental units are situated on approximately five acres, scattered between Central Avenue and Alabama Street (east to west), and 22nd and 24th streets (south to north). Federal law provides numerous tax incentives to encourage the production of affordable housing for low-income individuals, including the Low Income Housing Tax Credit (LIHTC) Program at issue here. See, generally, 26 U.S.C.

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