The Indiana Housing and Community Development Authority has announced more than $12.5 million in federal tax credits for construction, rehabilitation, adaptive reuse and preservation projects throughout the state. Lieutenant Governor Sue Ellspermann says the work involves over 800 housing units in 14 counties that could leverage up to $112 million in private development capital. You can connect to the full list of projects by clicking here.
February 26, 2015
INDIANAPOLIS, Ind. – Lt. Governor Sue Ellspermann announced today that the state is awarding more than $12.5 million in tax credits to sixteen 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 2015 RHTC allocation totaling $12,536,748 million will fund 809 housing units and could leverage up to $112 million in private development capital.
“These projects utilize public and private investment to address the rehabilitation and adaptive reuse of existing structures, support larger community development initiatives and further efforts towards stabilizing neighborhoods,” said Lt. Governor Ellspermann, who chairs the IHCDA Board. “Affordable housing options are a vital component to promoting Hoosier self-sufficiency and revitalizing our communities.”
In November of 2014, IHCDA received 52 RHTC applications requesting more than $43.3 million in tax credits and $16 million in supplementary IHCDA funding. A total of 16 developments were approved to receive the tax credits and 10 of the selected developments will receive more than $5.1 million in additional IHCDA financing.
Developments receiving 2015 RHTC awards include:
For a full list of 2015 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 Ellspermann, provides housing opportunities, promotes self-sufficiency and strengthens communities in order to build an Indiana with a sustainable quality of life for all Hoosiers in the community of their choice. For more information, visit www.ihcda.in.gov or www.in.gov/myihcda.
Source: Indiana Housing and Community Development Authority