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Last updated on Thursday, November 15, 2018
(UNDATED) - The Indiana Housing and Community Development Authority (IHCDA) is empowered to act as the housing credit agency for the State to administer, operate, and manage the allocation of the Internal Revenue Service Section 42 Low-Income Housing Tax Credit (LIHTC) program, also known as the Rental Housing Tax Credits (RHTC).
The purpose of the RHTC is to incentivize private developers and investors to provide more affordable rental housing options. This is done through new construction, adaptive reuse and rehabilitation of existing structures.
At today's IHCDA Board of Directors Meeting, the Real Estate Department presented their recommendations for the remaining 2018 RHTC Awards and the 2019 RHTCs.
Upon completion of the due diligence process, it was determined that 43 applicants met the 2018-19 Qualified Allocation Plan (QAP) criteria. 19 of these applicants received RHTCs and 14 received additional IHCDA financing.
The 19 projects selected combined for just over $17.6 million in RHTCs and $8.1 million in additional funding from the Development Fund, HOME and Housing Trust Fund are highlighted below. They are listed in alphabetical order by the development name. Once the work is completed, this funding will help to develop or preserve over 1,000 units of affordable housing for residents throughout Indiana.
802 Center
Warsaw (Kosciusko County)
New construction of 72 units of affordable housing for seniors by Housing Directions, LLC. Awarded $1,155,000 in RHTCs and $500,000 from the Development Fund.
Backstay Lofts
Union City (Randolph County)
Adaptive reuse of the vacant historic Backstay Welt building, creating 50 units of affordable multifamily housing by AP Development, LLC. Awarded $959,479 in RHTCs.
Colonial Park
Indianapolis (Marion County)
Rehabilitation and preservation of 106 existing units of affordable multifamily housing by Partners in Housing Development Corporation. Awarded $1,198,019 in RHTCs and $500,000 from the Development Fund.
Evansville Townhomes
Evansville (Vanderburgh County)
Rehabilitation and preservation of 30 existing affordable units and new construction of 30 multifamily units by Advantix Development Corporation. Awarded $1,000,000 in RHTCs and $500,000 from the Development Fund.
Gladstone Apartments
Columbus (Bartholomew County)
New construction of 60 units of affordable multifamily housing by Real America, LLC. Awarded $1,004,008 in RHTCs.
Historic Walnut Square
Terre Haute (Vigo County)
The adaptive reuse of a historic YMCA building by Commonwealth Development Corporation of America to create 34 units, as well as the new construction of six townhouse units on an adjacent parcel. 20% of the units will serve those with intellectual or developmental disabilities. Awarded $801,968 in RHTCs and $500,000 from the Development Fund.
Homes of Evansville II
Evansville (Vanderburgh County)
Homes of Evansville II will be the new construction of 30 single family homes on vacant and abandoned lots and one 30 unit multifamily building in Evansville by HOPE of Evansville. 20% of the units will serve those with intellectual or developmental disabilities. Awarded $1,200,000 in RHTCs and $500,000 from the Development Fund.
Line Lofts
Indianapolis (Marion County)
Line Lofts is the new construction of 63 units for seniors in Indianapolis by TWG Development, LLC. 20% of the units will be designed to specifically serve those with visual impairments. Awarded $1,024,031 in RHTCs and $500,000 from the Development Fund.
Monon Crossing
Bloomington (Monroe County)
The new construction of 50 permanent supportive housing units for families and individuals affected by substance use disorders by Centerstone of Indiana, Inc. Awarded $1,100,736 in RHTCs and $500,000 from the Development Fund.
Parkside at Tarkington
Indianapolis (Marion County)
The adaptive reuse of 60 units for seniors by Vision Communities, Inc., Midtown Indianapolis, Inc., and Flaherty & Collins Development, LLC. 20% of the units will serve those with intellectual or developmental disabilities. Awarded $978,000 in RHTCs and $500,000 from the Development Fund.
Posterity Village
Fort Wayne (Allen County)
The new construction of 52 multifamily units by Joshua's Hand Inc., BWI, LLC, and Housing Opportunities Program, Inc. 20% of the units will serve those with intellectual or developmental disabilities. Awarded $882,758 in RHTCs and $500,000 from the Development Fund.
ReVere Homes
Logansport (Cass County)
The new construction of 30 scattered site single family homes throughout the near-northside of Logansport by Crestline Development. Awarded $788,738 in RHTCs.
Riverside Tower Lofts
Madison (Jefferson County)
The adaptive reuse of the historic Tower Tack Factory into 50 units of affordable housing for seniors by DF Development. This development is part of Madison's Stellar Investment Plan under the Stellar Communities program. Awarded $1,021,652 in RHTCs.
Southern Knoll
Bloomington (Monroe County)
The new construction of 31 affordable units and the adaptive re-use of the Gospel Tabernacle as a community space by Milestone Ventures. 20% of the units will serve those with intellectual or developmental disabilities. Awarded $529,110 in RHTCs and $410,000 from the Development Fund.
St. Mary's Senior Housing
St. Mary-of-the-Woods (Vigo County)
Adaptive reuse of the vacant historic Owen's Hall, creating 64 units of affordable housing for seniors by The Sisters of Providence of Saint Mary-of-the-Woods. 20% of the units will serve those with intellectual or developmental disabilities. Awarded $1,024,000 in RHTCs, $400,000 in HOME funding and $500,000 from the Development Fund.
The Lofts at Ashford
Columbus (Bartholomew County)
New construction of 36 units of multifamily affordable housing by Housing and Economic Concepts. Awarded $525,000 in RHTCs.
The Paddocks
Culver (Marshall County)
New construction of 48 units of affordable multifamily housing by Culver Sand Hill Farm. This development is part of Culver's Stellar Investment Plan under the Stellar Communities program. Awarded $925,000 in RHTCs and $500,000 from the Development Fund.
Trailside Commons
Kokomo (Howard County)
Trailside Commons is the new construction of 35 permanent supportive housing units for families and individuals affected by substance use disorders by Advantix Development Corporation. Awarded $720,000 in RHTCs, $400,000 in HOME funding, $500,000 from the Development Fund and $400,000 from the Housing Trust Fund.
Union at Washington
Kokomo (Howard County)
New construction of a 51 unit multifamily development by Union Development Holdings. Awarded $792,540 in RHTCs and $500,000 from the Development Fund.
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