Lt. Gov. Crouch, IHCDA announce major investment in affordable housing
These awards total $96.2 million in bond awards and $8 million in low-income housing tax credits
INDIANAPOLIS – Lt. Gov. Suzanne Crouch and the Board of Directors for the Indiana Housing and Community Development Authority (IHCDA) announced five 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 critical to Indiana’s success, and this investment is a huge piece of our state’s infrastructure growth,” Crouch said. “We strive every day to continue making Indiana a place for people to live, work and play.”
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.
The properties receiving bonds and tax credits are listed below:
- Village Premier Apartments in Fort Wayne will receive $25M in tax exempt bonds and $2,114,048 in tax credits to create 208 units of affordable housing
- Tower Multifamily Portfolio, which includes three existing properties in Petersburg, Princeton and Mount Vernon, will receive $10.9 M in tax exempt bonds and $688,065 in tax credits to rehabilitate 200 units of affordable housing across three properties
- Tower Senior Portfolio, which includes three existing senior properties in Petersburg, Haubstadt and Owensville, will receive $5.3M in tax exempt bonds and $342,688 in tax credits to preserve 112 units of affordable housing across three properties
- The Mill in Shelbyville will receive $22M in tax exempt bonds and $1,689,717 in tax credits to create 168 affordable housing units
- City Heights Apartment Homes in Indianapolis will receive $33M in tax exempt bonds and $3,196,024 in tax credits to create 200 units of affordable housing
“This investment for affordable housing is a huge piece in fulfilling IHCDA’s mission,” said Jacob Sipe, Executive Director of IHCDA. “Creating and preserving affordable housing will help to close the housing gap and build Indiana’s infrastructure for years to come. 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.