2016 Rental Housing Tax Credits Announced
The Indiana Housing and Community Development Authority (IHCDA) is empowered to act as the housing credit agency for the State to administer, operate, and manage the allocation of the Internal Revenue Service Section 42 Low-Income Housing Tax Credit (LIHTC) program, also known as the Rental Housing Tax Credits (RHTC). The purpose of the RHTC is to incentivize private developers and investors to provide more affordable rental housing options. This is done through new construction, adaptive reuse and rehabilitation of existing structures.
At the February 25th IHCDA Board of Directors Meeting, chaired by Lt. Governor Sue Ellspermann, the Real Estate Department presented their recommendations for the 2016 RHTC Awards.
With fifty applications received in November 2015 requesting just under $42.4 million in federal rental housing tax credits and $16.1 million in supplemental IHCDA funding, the RHTC program is highly competitive.
The 18 projects selected for a combined $14.3 million in RHTC and $5.7 million in IHCDA funding are highlighted below and will provide over 800 additional units of affordable housing options for residents throughout Indiana.
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Atz Place
Kendallville (Noble County)
Redevelopment of a former industrial site in Kendallville, Indiana. Will provide 38 units of affordable housing. Housing Services was awarded $539,930 RHTCs and $375,000 HOME funding. |
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Country Apartments
Brownstown (Jackson County)
Rehabilitation of a Section 8 apartment complex by Buckeye Hope Foundation, preserving 56 units of affordable housing. Awarded $587,067 in RHTCs. |
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Crawford Apartments II
Bloomington (Monroe County)
The Crawford Apartments II development consists of 35 one-bedroom new construction units. The target population is chronically homeless individuals with disabilities. Awarded $659,653 RHTCs and $400,000 HOME funding. |
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Crystal Valley Manor
Middlebury (Elkhart County)
Rehabilitation of a USDA Rural Development by Crystal Valley Manor, LP, preserving 40 units of affordable housing. Awarded $395,737 RHTCs and $200,000 Development Fund funding. |
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Davis Zeller Place
Brazil (Clay County)
Adaptive reuse of two historic buildings plus new construction of 12 scattered units on areas recently cleared of blighted structures by New Hope Services, creating a total of 48 units of affordable housing. Awarded $798,765 RHTCs and $900,000 HOME funding. |
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Florence Fay School Senior Apartments Indianapolis (Marion County)
Adaptive reuse of a historic building by TWG Development, creating 73 units of affordable senior housing. Awarded $1,200,000 RHTCs and $500,000 Development Fund funding. |
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Garden View Senior Apartments
Elkhart (Elkhart County)
Adaptive reuse of a former musical instrument factory by Commonwealth Development Corporation of America, creating 55 units of affordable senior housing. Awarded $838,880 RHTCs and $470,000 Development Fund funding. |
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Garfield Commons
Evansville (Vanderburgh County)
New construction by ECHO Housing Corporation and Glory Development of 44 affordable housing units in addition to three new construction three bedroom lease purchase homes. Awarded $815,774 RTHCs.
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Historic Sullivan Lofts
Sullivan (Sullivan County)
Adaptive reuse of 20 affordable housing units in or near downtown Sullivan and new construction of 20 scattered site affordable housing units on vacant lots cleared through the Blight Elimination Program. Awarded $664,000 RHTCs and $900,000 HOME funds. |
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Lake Park Senior Apartments
Hobart (Lake County)
New construction of 80 affordable housing units by RealAmerica Development LLC. Awarded $1,173,294 RHTCs. |
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Little Crow Lofts
Warsaw (Kosciusko County)
Adaptive reuse of a historic building by Commonwealth Development Corporation of America, creating 42 units of affordable housing. Awarded $638,569 RHTCs and $500,000 Development Fund funding. |
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Phoenix Manor
Woodburn (Allen County)
Adaptive reuse of a former elementary school by Keller Development, Inc., creating 33 units of affordable senior housing. Awarded $565,434 RHTCs. |
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Renaissance Pointe
Fort Wayne (Allen County)
Adaptive reuse of a former bottling building and new construction of single family lease purchase houses in the surrounding neighborhood by MV Affordable Housing LLC, creating 62 units of affordable housing. Awarded $1,160,000 RHTCs and $500,000 Development Fund funding.
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Riverside Villa Apartments
Ligonier (Noble County)
New construction of 38 units of affordable family housing by Herman & Kittle Properties, Inc. Awarded $725,000 RHTCs and $500,000 in Development Fund funding.
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Salem Place Apartments
Daleville (Delaware County)
New Construction of 64 affordable housing units by RealAmerica Development LLC. Awarded $855,083 RHTCs.
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South Bend Permanent Supportive Housing
South Bend (St. Joseph County)
The South Bend Permanent Supportive Housing development consists of 32 one-bedroom new construction units. The target population is homeless persons with mental illness and/or chronic addictions. Awarded $654,449 RHTCs.
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Stokes Commons
Lebanon (Boone County)
Stokes Commons is an adaptive reuse / new construction of 68 units for the elderly. The development will reuse the vacant former Stokes Elementary School building and add four new construction one-story buildings. Awarded $944,520 RHTCs.
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Vine Street
Jasper (Dubois County)
Adaptive reuse of an industrial building by MV Affordable Housing LLC, creating 62 units of affordable housing. Awarded $1,175,000 RHTCs and $500,000 Development Fund funding.
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