Former ND star turned housing developer earns state tax credit
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A new housing development company started by former University of Notre Dame and WNBA standout Devereaux Peters is one of two selected by the Indiana Housing and Community Development Authority to receive a tax credit for low-income housing. The Rental Housing Tax Credit General Set-Aside was established by the IHCDA to support emerging, underrepresented developers, such as minority-, women- and veteran-owned businesses.
The program is for first-time developers who often face financial and institutional barriers to enter the development industry, according to the IHCDA.
The two developers receiving the tax credit include:
Chateaux 14 Development LLC., which was started by Peters, plans to build a four-story, 60-unit apartment building in a recently-revitalized area of downtown South Bend. The Monreaux Apartments would serve low- and moderate-income families.
Peters played basketball for Notre Dame between 2008 and 2012
2 Thirty-Eight Properties, LLC. is a newly formed housing development company of Fred Yeakey. His project, the Anthony Grimes Apartments & Family Center, would create 34 units for single parents and their children in Indianapolis. The group setting would provide support for families dealing with addiction.
“Affordable housing is critical to Indiana’s success, and is a huge piece in fulfilling IHCDA’s mission,” said Jacob Sipe, Executive Director of IHCDA. “We are always thrilled to work with new partners in pursuit of that mission, and I am particularly proud of the overwhelming response we received on this project. Developers from around the state constructed innovative, collaborative housing solutions to community challenges, and it was heartening to review so many great concepts.”
The next step for the selected developers is to finalize their housing concepts and submit that information to IHCDA.
Click here to learn more about the tax credit program.