INDIANA – Lt. Gov. Suzanne Crouch and the Board of Directors for the Indiana Housing and Community Development Authority (IHCDA) Thursday announced that four developments have received awards from the Low-Income Housing Tax Credit (LIHTC) program, in conjunction with the Multifamily Tax-Exempt Bonds. This funding is used to incentivize private developers to fund the construction, acquisition, and rehabilitation of affordable housing communities throughout Indiana.
More than $36 million in Housing Tax Credits and $60 million in Multifamily Bonds were awarded to four developments to preserve 516 affordable units that will serve individuals and families across Indiana in Bloomington, Hammond, Hebron and South Bend.
Below is a breakdown of the tax credits and bonds.
- Bloomington RAD II apartments will receive $30M in multifamily bonds and $23.5M in tax credits to preserve 204 units
- The Douglas Pointe Apartments III in Hammond will receive $6.7M in multifamily bonds and $3.4M in tax credits to preserve 64 affordable units
- Emerald Pointe Apartments in South Bend will receive $17M in multifamily bonds and $6.7M in tax credits to preserve 168 units
- The Misty Glen Apartments in Hebron will receive $6.5M in multifamily bonds and $3.1M in tax credits and to preserve 80 units
“These awards are a major investment into Indiana’s infrastructure,” Crouch said. “Through the tax credits and bonds, these four properties will preserve hundreds of affordable units and will greatly benefit these communities and the Hoosiers who live, work and play there.”
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.
“IHCDA is committed to safeguarding affordable housing so they remain a community resource for the residents they serve,” said Jacob Sipe, Executive Director of IHCDA. “Preservation of existing 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.
