The Indiana Housing and Community Development Authority has announced that four developments are receiving awards from the Low-Income Housing Tax Credit program. The IHCDA says the funding will be used to incentivize private developers to fund construction, acquisition and rehabilitation of affordable housing communities in the Hoosier State.
In total, the IHCDA says more than $72 million in Housing Tax Credits and $110 million in Multifamily Bonds were awarded to the developments, supporting 969 affordable units.
“These awards are a major investment into Indiana’s infrastructure,” said Lieutenant Governor Suzanne Crouch. “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.”
The recipients of the tax credits and bonds are listed below:
- The Reserve on Park – New Construction in Fort Wayne; 187 units, $24 million in bond volume, $1.6 million in tax credits and $500,000 from the Development Fund
- Forty Six Flats – New Construction in Indianapolis; 173 units, $26.8 million in bond volume, $1.5 million in tax credits and $500,000 from the Development Fund
- Bradford Lake – Rehabilitation in Indianapolis; 357 units, $25 million in bond volume and $1.8 million in tax credits
- Nicholas Landing – New Construction in Clarksville; 252 units, $35 million in bond volume and $2.3 million in tax credits
Since 1987, the IHCDA says it has supported the creation and preservation of more than 150,000 units.