State awards bonds, tax credits for affordable housing projects

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The Indiana Housing and Community Development Authority has awarded more than $104 million in tax-exempt bonds and tax credits to five housing developments that provide affordable housing to Hoosiers. The funding is used to incentivize private developers to purchase and rehabilitate existing properties and/or build new affordable housing communities throughout the state.

The funding is through IHCDA’s Low-Income Housing Tax Credit program, in conjunction with Multifamily Tax Exempt Bonds program.

“This investment for affordable housing is a huge piece in fulfilling IHCDA’s mission,” said Jacob Sipe, executive director of IHCDA. “Creating and preserving affordable housing will help to close the housing gap and build Indiana’s infrastructure for years to come.”

The properties receiving bonds and tax credits:

• Village Premier Apartments in Fort Wayne will receive $25 million in tax exempt bonds and $2.1 million in tax credits to create 208 units of affordable housing.
• Tower Multifamily Portfolio, which includes three existing properties in Petersburg, Princeton and Mount Vernon, will receive $10.9 million in tax exempt bonds and $688,000 in tax credits to rehabilitate 200 units of affordable housing across three properties.
• Tower Senior Portfolio, which includes three existing senior properties in Petersburg, Haubstadt and Owensville, will receive $5.3 million in tax exempt bonds and $342,000n tax credits to preserve 112 units of affordable housing across three properties.
• The Mill in Shelbyville will receive $22 million in tax exempt bonds and $1.6 million in tax credits to create 168 affordable housing units.
• City Heights Apartment Homes in Indianapolis will receive $33 million in tax exempt bonds and $3.1 million in tax credits to create 200 units of affordable housing.

“Affordable housing is critical to ensuring long-term affordability that allows residents to thrive in neighborhoods and to maintain consistency in their neighbors, schools, jobs and healthcare,” said Sipe.

IHCDA has administered the LIHTC program to facilitate the creation and preservation of more than 150,000 units in the state since 1987.

Click here to learn more about the programs.