Has anybody had experience with Section 42 Developments?

[Aleks Gifford]

There is a potential section 42 development coming to my area with a 50 new house build. They are income qualified rentals for 15 years after year 15 they stay rentals unless the tenant wants to buy. NRP out of Ohio is the developer.

My question is based around whether this is good for the area or bad. The area has a 60% vacancy rate. Of the occupied homes 50% are currently rental/rent to owns. The rest are resident home owners. Poor neighborhood but extremely close to several colleges, universities and hospitals. The neighborhood is 1.2 miles from Downtown Indianapolis. The area has a Canal to the east and there is a river that comes in on the west/northwest and looping to the south.

Has anybody good experience with this type of development?