INDIANAPOLIS – The Indiana Housing and Community Development Authority (IHCDA) today announced over $26 million in awards for the 2025 Low-Income Housing Tax Credit (LIHTC) program, which uses tax credits to incentivize private developers to fund the construction, acquisition, and rehabilitation of affordable housing communities throughout Indiana. Of the projects awarded, six are also approved to receive state funding through Governor Eric J. Holcomb’s Indiana Regional Acceleration and Development Initiative 2.0 (READI 2.0), accelerating the growth of affordable housing for Hoosiers statewide.
Gov. Holcomb established the now $1.25 billion READI program in 2021, and it has since been nationally recognized for its success. READI 2.0, which was part of the governor’s 2023 Next Level Agenda and approved by the Indiana General Assembly, allocates another $500 million to regions across the state to accelerate shovel-ready projects and programs that are expected to transform Indiana communities, attract talent, and improve quality of life for Hoosiers in the short and long term. READI 2.0 funding allocations were awarded in April to 15 regions representing all 92 Indiana counties.
“Indiana is committed to serving current and future generations of Hoosiers, and ensuring access to quality and affordable housing is at the top of our list,” said Indiana Secretary of Commerce David Rosenberg. “By leveraging federal tax credits through the Indiana Housing and Community Development Authority as well as state funding made possible by READI, we’re investing in housing like never before to ensure affordable options are available to all Hoosiers.”
The six READI 2.0 projects that were approved for 9% or 4% LIHTC funding include:
Central Indiana
Artesian Place ($850,000 READI 2.0 allocation, $1.3M IHCDA credit) – The city of Martinsville, T&H Investments, Habitat for Humanity of Morgan County, and Wellspring Center are partnering to bring this development to Martinsville and to provide services, supporting residents on their housing journey, that will enhance the livelihood of residents. Artesian Place will construct 34 one, two- and three-bedroom units at affordable rates with 20% of units reserved for individuals with intellectual or developmental disabilities and feature onsite community space and childcare.
Indiana Uplands
Oak Street Village ($600,000 READI 2.0 allocation, $1.3M IHCDA credit) – This development will bring to life 50 one-, two- and three-bedroom units – as well as residential amenities such as a clubhouse, playground, and childcare facilities – for families earning 30%, 50% and 60% AMI in Loogootee (Martin County). The project will bring much-needed affordable housing and childcare seats to the area by 2026.
Northeast
- Bluffton Family Townhomes ($75,000 READI 2.0 allocation, $1.3M IHCDA credit) – The Bluffton Family Townhomes development will create 40 units of townhome-style, multifamily housing for households earning between 30-80% AMI. All units, which include one-, two- and three-bedroom units, will have rent and income restrictions, creating affordability, and will offer residents the opportunity to purchase their townhome unit at a price that results in an affordable mortgage payment.
- Bluffton Senior Apartments ($75,000 READI 2.0 allocation, $1.3M IHCDA credit) – This development will create 46 units of affordable multifamily housing in an elevator building for senior and disabled residents earning between 30-80% AMI. The project will include 28 one-bedroom units and 24 two-bedroom units, all with rent and income restrictions to make housing more accessible.
South Central
Haw Creek Meadows ($2M READI 2.0 allocation, $1.3M IHCDA credit) – This project will bring new life to a former dilapidated nursing home at 2100 Midway Street in Columbus, constructing a four-story, 64-unit affordable housing project in its place. The development will provide affordable housing for 30% AMI, 50% AMI, and 60% AMI for individuals or families and will feature green spaces, retail and commercial space, including much-needed childcare available to residents as well as non-residents in the surrounding region.
Southeast
Spires Senior Village ($100,000 READI 2.0 allocation, $1.3M IHCDA credit) – This development located on the Sisters of St. Francis of Oldenburg campus will rehabilitate three connected buildings – Olivia Hall, Theresa Hall, and the Chapel – that once housed the Sisters of St. Francis. The project will create 65 units plus a manager’s unit and will modernize the buildings for accessibility, safety, and independence, providing new housing for residents aged 62 or older and serving Franklin County’s aging population.
READI 1.0 has awarded $487 million to 353 unique projects and programs across the state, yielding $12.6 billion invested (26:1 investment leverage ratio) in quality of life, quality of place and quality of opportunity initiatives. READI 2.0, which secured additional funding awarded by the Lilly Endowment Inc., is allocating another $750 million to accelerate community development investments statewide. This funding is expected to attract a minimum 4:1 match of local public and private funding, yielding at least $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.
Learn more at IndianaREADI.com.
