Lt. Gov. Crouch, IHCDA announces affordable housing investment
INDIANAPOLIS (Jan. 26, 2023) – Lieutenant Governor Suzanne Crouch and the Indiana Housing and Community Development Authority (IHCDA) Board of Directors today announced the recipients of the 2023 Low-Income Housing Tax Credit (LIHTC) program, which is used to incentivize private developers to fund the construction, acquisition, and rehabilitation of affordable housing communities throughout Indiana.
More than $180 million in housing tax credits were awarded to 17 developments to create or preserve 776 affordable units that will serve individuals, families, seniors, individuals with disabilities, and individuals experiencing homelessness. The tax credits will be claimed over 10 years.
“These low-income housing tax credits represent a significant commitment to our state’s infrastructure,” said Lt. Gov. Suzanne Crouch, who also serves as Indiana’s Secretary of Agriculture and Rural Development. “The selected developments will directly address the needs of our workforce and will bring hundreds of affordable housing units to Indiana cities, towns, and rural areas.”
IHCDA received 33 LIHTC applications requesting 2023 credits under the 2023-2024 Qualified Allocation Plan (QAP). The QAP, which is unique to each authoring state, details selection criteria and application requirements for the LIHTC program, Multifamily Bonds, HOME funds, Development Fund, and the National Housing Trust Fund in conjunction with tax credits. It also contains all deadlines, application fees, restrictions, standards, and requirements.
“IHCDA administers the LIHTC program to create and preserve affordable housing in the state,” said IHCDA Executive Director Jacob Sipe. “The scope of today’s awards will make a lasting impact on thousands of Hoosiers, providing necessary affordable housing developments to communities around the state for at least the next 30 years.”
IHCDA incentivizes developments that will be in proximity and accessible to desirable facilities tailored to the needs of the tenants, including access to services, retail, healthcare, and transit. IHCDA prioritizes developments that will be in communities with nearby access to employment, access to post-secondary education, and access to primary care. All 17 developments earned points in this category by demonstrating proximity to or location in these areas.
Seven of the 17 developments will meet IHCDA’s commitment to individuals with intellectual and development disabilities by providing affordable housing in an integrated setting. These developments will create up to 82 units for this population.
Developers will create 53 units of supportive housing for persons experiencing homelessness by utilizing the Housing First model. Four of the 17 developments completed training through the Indiana Supportive Housing Institute and will help rapidly house individuals experiencing homelessness and provide intensive but flexible services.
Three of the developments will preserve 116 units of existing affordable housing, ensuring they remain affordable for at least 30 years.
Constructing affordable housing within a diverse array of Hoosier communities remains a priority. Six of the developments will be created in large cities, seven in small cities, and four in rural communities.
In addition to LIHTC funding, the board also approved $10.3 million in Development Fund loans, $1.5 million in HOME loans, and $6.2 million from the Housing Trust Fund.
The list of developments is available here.
For more information regarding the LIHTC program, visit IHCDA’s website.