INDIANAPOLIS – Lt. Gov. Suzanne Crouch and the Board of Directors for the Indiana Housing and Community Development Authority (IHCDA) 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.
“These awards are a major investment into Indiana’s infrastructure,” Crouch said. “Through tax credits and bonds, these four properties will create and preserve nearly one thousand units of affordable units and will greatly benefit these communities and the Hoosiers who live, work, and play there.”
More than $72 million in Housing Tax Credits and $110 million in Multifamily Bonds were awarded to four developments to create and preserve 969 affordable units that will serve individuals and families across Indiana in Clarksville, Fort Wayne, and Indianapolis.
Below is a breakdown of the tax credits and bonds:
- The Reserve on Park – New Construction in Fort Wayne, IN; 187 units, $24M in bond volume, $1,609,217 in tax credits, and $500,000 from the Development Fund
- Forty Six Flats – New Construction in Indianapolis, IN; 173 units, $26,800,000 in bond volume, $1,533,300 in tax credits and $500,000 from the Development Fund
- Bradford Lake – Rehabilitation in Indianapolis, IN; 357 units, $25,000,000 in bond volume and $1,849,408 in tax credits
- Nicholas Landing – New Construction Clarksville, IN; 252 units, $35M in bond volume, and $2,301,697 in tax credits
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. “The creation and preservation of existing affordable housing are 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.