Indiana housing agency announces funding for multiple projects
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The Indiana Housing and Community Development Authority last week announced more than $32 million in tax credit financing for multiple developments across the state.
Taken altogether, officials say the projects will add or preserve more than 1,200 units at a time when many communities in Indiana are struggling with housing availability.
“These awards are a major investment in our state’s housing infrastructure,” said Lt. Gov. Suzanne Crouch, who also serves as Indiana’s secretary of agriculture and rural development, in a release. “The proposed developments will help meet the need to house our workforce and make housing more affordable in communities across Indiana.”
Of the $32 million dollars, the IHCDA said a little more than $26 million is going toward tax credits for low-income housing that will help pay for 16 projects. The credits are designed to incentivize private developers to build projects they would otherwise not pursue due to the low rate of return on low-income properties.
The IHCDA’s release said an additional $6 million will be provided to developers through Indiana’s Affordable and Workforce Housing Tax Credit.
Officials say 21 properties will make use of the tax credits.
Of the total pool given out by the IHCDA, $3.7 million came from the Regional Economic Acceleration and Development Initiative, or READI. The Indiana Economic Development Corp. spread those READI 2.0 funds across six projects in Martinsville, Loogootee, Bluffton, Columbus and Oldenburg.
For a full list of projects getting IHCDA tax credit funding, visit the IHCDA’s website.