Lt. Gov. Suzanne Crouch and the Board of Directors for the Indiana Housing and Community Development Authority (IHCDA) announced six developments have received awards from the Low-Income Housing Tax Credit (LIHTC) program, in conjunction with Multifamily Tax Exempt Bonds. This funding is used to incentivize private developers to fund the acquisition, rehabilitation, and construction of affordable housing communities throughout Indiana.
“Affordable housing is vital to a community’s vibrancy,” Crouch said. “Through the tax credits and bonds, these six properties will preserve or create hundreds of units, greatly benefitting the Hoosiers who live, work and play there in those communities.”
IHCDA receives applications for Housing Tax Credits and Multifamily Bonds under the Qualified Allocation Plan (QAP). The QAP, which is unique to each authoring state, details selection criteria, and application requirements for the LIHTC program, Multifamily Bonds, HOME funds, Development Fund, and the National Housing Trust Fund in conjunction with tax credits. It also contains all deadlines, application fees, restrictions, standards, and requirements.
- AFR Indiana will have locations in Arcadia, Fowler, and Rensselaer and is developed by Vita Investment Holdings, LLC. They will receive $985,969 RHTC annually for 10 years and will preserve 186 affordable multifamily units
- Vita of Greenfield Independent Living, developed by Vita Investment Holdings, LLC will receive $664,501 annually for 10 years and will build 102 affordable units for seniors
- Country View Apartments, located in Bloomington and developed by Gene B. Glick Company, will receive $764,381 RHTC annually for 10 years to preserve 206 affordable multifamily units
- Hoosier Woods in Anderson, will be developed by TWG Development and will receive $889,061 RHTC annually for 10 years to preserve 204 units of multifamily units
- Vita of New Whiteland Independent Living, developed by Vita Investment Holdings, LLC will receive $674,394 RHTC annually for 10 years to create 102 affordable senior units
- The Plaza at Central Greens, located in Indianapolis and developed by Radiant Communities Development Corporation, will receive $1,518,036 RHTC annually for 10 years to create 122 affordable multifamily units
“IHCDA is committed to preserving and creating affordable housing in all of Indiana’s 92 counties,” said Jacob Sipe, Executive Director of IHCDA. “Affordable housing is a vital asset to Indiana’s infrastructure. We will continue to work with our partners to close the housing gap and ensure housing remains affordable for years to come.”
The creation and preservation of affordable housing is critical to ensuring long-term affordability that allows residents to thrive in neighborhoods and to maintain consistency in their neighbors, schools, jobs and healthcare.”
IHCDA has administered the LIHTC program to facilitate the creation and preservation of more than 150,000 units in the state since 1987. Click here for more information regarding IHCDA or the LIHTC program.