Fifteen developments have been selected to receive $12.1 million in low-income housing tax credits from the Indiana Housing and Community Development Authority (IHCDA).
The financing will help fund nearly 850 housing units and leverage up to $109 million in private development capital. The selected projects include new construction, rehabilitation, and adaptive-reuse developments.
“The rental tax credit program is an effective way to leverage private investment to provide affordable housing in communities throughout Indiana,” said Lt. Governor Sue Ellspermann in a statement. “The projects approved today demonstrate how the program can be used to rehab existing apartments, convert abandoned commercial structures to apartments or fund new construction. Many of these projects also support larger community development and neighborhood stabilization efforts.”
The development proposals were selected from 44 applications requesting more than $36.8 million in tax credits and more than $15 million in supplementary IHCDA funding. Eleven of the selected developments will receive $5.25 million in additional IHCDA financing.
For more information, visit IHCDA's website.