Developments Share Millions in Funding

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The Indiana Housing and Community Development Authority is distributing more than $12 million in federal tax credits to 15 multi-family housing projects. The funding will boost construction, rehabilitation and preservation work throughout the state. February 27, 2014

News Release

INDIANAPOLIS, Ind. - Lt. Governor Sue Ellspermann announced today that the state is awarding more than $12 million in rental housing tax credits to fifteen multi-family housing developments throughout the Hoosier state. Project activities include new construction, rehabilitation, adaptive reuse (conversion of existing structures), and the preservation of historic buildings funded through the Internal Revenue Service Section 42 Rental Housing Tax Credit (RHTC) program.

The Indiana Housing and Community Development Authority (IHCDA) administers and manages the federal credits, which provide incentives for private developers to further the affordable housing choices available throughout Indiana. The 2014 RHTC allocation totaling $12.1 million will fund nearly 850 housing units and could leverage up to $109 million in private development capital.

Lt. Governor Ellspermann, who chairs the Indiana Housing and Community Development Authority (IHCDA), noted. "The rental tax credit program is an effective way to leverage private investment to provide affordable housing in communities throughout Indiana. 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."

In November of 2013, IHCDA received forty-four RHTC applications requesting more than $36.8 million in tax credits and over $15 million in supplementary IHCDA funding. A total of fifteen developments were approved to receive the tax credits and eleven of the selected developments will receive $5.25 million in additional IHCDA financing.

Developments receiving 2014 RHTC awards include:

County Development Name Total Credits Awarded Additional IHCDA Funding

Allen Villages of Hanna $1,200,000

Bartholomew Gateway Apartments $971,161 $500,000

Carroll Canal Commons $717,709

Decatur Tree City Village $533,320

Dubois Huntingburg Senior Residences $797,371 $500,000

Grant Plaza Green Apartments $893,651 $400,000

LaPorte Uptown Artist Lofts $988,013 $400,000

Lawrence Stonecutters Place $712,182 $400,000

Marion Beech Grove Senior $823,908 $400,000

Marion Illinois Street Senior Apartments $836,756 $450,000

Marion Lawrence Senior Apartments $823,135 $300,000

Montgomery Historic Whitlock Place $1,003,000 $500,000

Perry River Pointe $722,000 $900,000

Putnam Miller Asbury Apartments $681,399

St. Joseph Hoffman Hotel Apartments $452,182 $500,000

For a full list of 2014 Tax Credit Applications and Awards, visit IHCDA’s Partner site at http://www.in.gov/myihcda/2454.htm.

The Indiana Housing and Community Development Authority (IHCDA), chaired by Lt. Governor Sue Ellspermann, creates housing opportunity, generates and preserves assets, and revitalizes neighborhoods by investing financial and technical resources in the development efforts of qualified partners throughout Indiana. IHCDA believes that growing Indiana’s economy starts at home. For more information, go to www.ihcda.in.gov or www.in.gov/myihcda.

Source: The Indiana Housing and Community Development Authority