The Indiana Housing and Community Development Authority (IHCDA) 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.
As part of the six READI 2.0 projects that were approved for 9% or 4% LIHTC funding, Oak Street Village in Martin County will receive a $600,000 READI 2.0 allocation and $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. The project will bring much-needed affordable housing and childcare seats to the area by 2026.
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. To learn more, visit IndianaREADI.com.
You must be logged in to post a comment.