Projects receive low-income housing tax credits
INDIANAPOLIS (Inside INdiana Business) – The Indiana Housing and Community Development Authority Board of Directors has named the recipients of the 2022 Low-Income Housing Tax Credit program. Lieutenant Governor Suzanne Crouch says more than $170 million in housing tax credits were awarded to 17 developments to create or preserve nearly 900 affordable units that will serve those experiencing homelessness.
The program is intended to incentivize private developers to fund construction, acquisition and rehabilitation of affordable housing.
“These awards are a major investment to our state’s infrastructure,” Crouch said. “The developments will help to meet the need to house our workforce and will bring hundreds of affordable housing units to communities across Indiana.”
The IHCDA says it received 38 LIHTC applications requesting 2022 credits.
“IHCDA administers the LIHTC program to create and preserve affordable housing in the state,” said Jacob Sipe, executive director of IHCDA. “The tax credits awarded today will provide affordable housing developments with funds to create and preserve units that will remain affordable for at least the next 30 years.”
The IHCDA says it incentivizes developments that will be close to desirable facilities such as access to services, retail, healthcare and transit. Developments with nearby access to employment, post-secondary education and primary care are also prioritized.
According to the authority, five of the 17 developments will serve individuals with intellectual and development disabilities. Developers will create 82 units of supportive housing for persons experiencing homelessness, and three of the developments will preserve 208 units of existing affordable housing.
The IHCDA says 14 of the 17 developments will be constructed on vacant or unused parcels of land within existing areas that are otherwise largely developed.
In addition, the board says it also approved $3.8 million in Development Fund loans, and $3 million from the Housing Trust Fund.
You can view the full list of recipients by clicking here.