IHCDA COVID-19 update: A message from Jake

From Jake's Desk

IHCDA COVID-19 update: A message from Jake

Debt Service Relief

As the COVID-19 pandemic continues to impact the economy, we are aware that renters throughout Indiana have experienced changes in income and may be struggling to make rent payments. When rental properties receive less monthly rent, owners of those properties are then at risk of being unable to pay for costs such as staffing and maintenance and to make their loan payments.

To help address this concern in affordable rental housing developments we have helped to finance, our Real Estate Department implemented a new policy earlier this month to promote housing stability.

By deferring their IHCDA loan payments, owners of these almost 200 rental properties can use their available cash flow to cover operating costs and to pay other debt service to avoid instances of default or foreclosure. In turn, those properties are under less pressure to collect rent to make loan payments and can work with renters on payment plans, using eviction or termination of tenancy only as a last resort.

I would like to thank our Deputy Executive Director and Chief Real Estate Development Officer Matt Rayburn and his team for their work on this policy and for their continued efforts to serve their fellow Hoosiers.

Eviction, Foreclosure and Utility Moratorium extended

Indiana Governor Eric Holcomb signed a statewide order in March that placed a moratorium on most tenant evictions during the COVID-19 pandemic. Yesterday, the Governor announced the extension of that moratorium until July 1st. Click here to see his new Executive Order. This new order also extends the prohibition of disconnecting utility services to July 1st.

Memorial Day Weekend

Memorial Day weekend is right around the corner. This is a time to honor and commemorate those who have died serving in the U.S. military. In addition to remembering those individuals that have made the ultimate sacrifice, I want to thank all of those currently serving in our military and our veterans of the armed forces.

I also want to thank all our first responders who are out on the front lines each day helping those who are infected by COVID-19. I thank you for your service and commitment during this very challenging time.

At IHCDA, we continue to be here for you and your organizations. Please do not hesitate to reach out to any member of our team, or myself directly, if there is anything we can do to help. Remember, we are #INthistogether!


J. Jacob Sipe
Executive Director

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