Housing authority awards $130M in tax credits, bonds
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The Indiana Housing and Community Development Authority is awarding $130 million to six developments through the Low-Income Housing Tax Credit program and Multifamily Tax Exempt Bonds. The authority says the funding helps incentivize private developers to invest in the purchase, rehabilitation, and construction of affordable housing communities throughout Indiana.
“Through the tax credits and bonds, these six properties will preserve or create hundreds of units, greatly benefitting the Hoosiers who live, work and play there in those communities,” said Lieutenant Governor Suzanne Crouch.
The recipients are listed below:
- AFR Indiana will have locations in Arcadia, Fowler, and Rensselaer and will be developed by Vita Investment Holdings LLC. They will receive $985,969 RHTC annually for 10 years and will preserve 186 affordable multifamily units.
- Vita of Greenfield Independent Living, developed by Vita Investment Holdings LLC, will receive $664,501 annually for 10 years and will build 102 affordable units for seniors.
- Country View Apartments, located in Bloomington and developed by Gene B. Glick Co., will receive $764,381 RHTC annually for 10 years to preserve 206 affordable multifamily units.
- Hoosier Woods in Anderson will be developed by TWG Development and will receive $889,061 RHTC annually for 10 years to preserve 204 units of multifamily units.
- Vita of New Whiteland Independent Living, developed by Vita Investment Holdings LLC, will receive $674,394 RHTC annually for 10 years to create 102 affordable senior units.
- The Plaza at Central Greens, located in Indianapolis and developed by Radiant Communities Development Corp., will receive $1,518,036 RHTC annually for 10 years to create 122 affordable multifamily units.
“IHCDA is committed to preserving and creating affordable housing in all of Indiana’s 92 counties,” said Jacob Sipe, executive director of IHCDA. “Affordable housing is a vital asset to Indiana’s infrastructure. We will continue to work with our partners to close the housing gap and ensure housing remains affordable for years to come.”
The IHCDA receives applications for tax credits and bonds under the Qualified Allocation Plan. The authority says the LIHTC program has created or preserved more than 150,000 units throughout the state since 1987.