CHARLESTOWN, Ind. (WDRB) -- David and Mary Hayes are the first residents to move in to Springville Manor, a new neighborhood for seniors in Charlestown.

The Hayes' previously lived in Pleasant Ridge, a neighborhood filled with boarded-up doors and windows whose residents are fighting against the city to remain in their homes.

"It means a whole different life," David Hayes said. "We were living in a house that was literally falling down. We're disabled and couldn't afford to fix it up."

The new subdivision, with homes appraised for $90,000, was built for seniors from Pleasant Ridge.

"It's gonna be great to live somewhere and know we're stable," David Hayes said

The city offers former Pleasant Ridge residents over 55 years old a special finance agreement that frees them from monthly payments.

The Hayes' home was sold for $65,000. According to the City of Charlestown, the Redevelopment Commission is providing a $20,000 forgivable loan and $35,000 mortgage loans with $700 in yearly interest. The remaining $10,000 is provided by Springville Manor, LLC.

"You don't have to make a payment on the mortgage, and the interest just accumulates," developer John Hampton said.

The ribbon-cutting came days after a judge issued an injunction concerning how the city issues fines against Pleasant Ridge landowners. It says the city must impose fines for code violations against both existing residents and developers who purchase properties.

"We're confident that if we want to stay in our home, that we'll be able to stay in our home," said Josh Crave, the President of the Pleasant Ridge Homeowner's Association.

Charlestown Mayor Bob Hall said it will take up to three years to finish the development. It will eventually be open to people under 55, but Hall said it won't offer the same deal.

"The order that we're operating under has very little effect on the (housing development) process that we're doing," he said.

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