2015 Rental Housing Tax Credit Reservations
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 26th IHCDA Board of Directors Meeting, chaired by Lt. Governor Sue Ellspermann, the Real Estate Department presented their recommendations for the 2015 RHTC Awards.
With fifty-two applications received in November 2014 requesting $43.3 million in credits and $16 million in supplemental IHCDA funding, the RHTC program is highly competitive.
The projects selected for a combined $12.5 million in RHTC and $5.1 million in IHCDA funding are highlighted below and will provide over 800 additional units of affordable housing options for residents throughout Indiana.
1. Hawthorne Hills Senior Apartments- 57 units
- Location: Nashville (Brown County)
- Developer: RealAmerica Development, LLC
- Amount of Credits: $751,782
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2. M. Fine on Spring- 51 units
- Adaptive Reuse
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Location: Jeffersonville (Clark County)
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Developer: New Hope Development Services, Inc.
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Amount
of Credits: $755,210
- Development Fund Loan: $350,000
- HOME Loan: $400,000
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3. Wesley Manor Southside- 50 units
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Adaptive Reuse
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Location: Frankfort (Clinton County)
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Developer: Wesley Manor, Inc.
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Amount of Credits: $714,853
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4. Hope's Landing- 48 units
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Adaptive
Reuse/New Construction
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Location: Auburn (DeKalb County)
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Developer: Keller Development, Inc.
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Amount
of Credits: $706,115
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5. Benet Hall Apartments- 15 units
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Adaptive
Reuse
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Location: Ferdinand (Dubois County)
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Developer: Sisters of St. Benedict Ferdinand
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Amount
of Credits: $411,550
- HOME Loan:$400,000
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6. Jasper Lofts- 67 units
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Adaptive
Reuse
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Location: Jasper (Dubois County)
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Developer: MV Residential Development
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Amount
of Credits: $1,199,705
- Development Fund Loan: $500,000
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7. Pattern Mill Senior Apartments- 40 units
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Adaptive
Reuse
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Location: Connersville (Fayette)
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Developer: Mecca Companies LLC & Crestline Development
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Amount
of Credits: $628,915
- Development Fund Loan: $498,869
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8. Apperson Way Apartments- 69 units
- New Construction
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Location:
Kokomo (Howard County)
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Developer: Partners in Housing Development Corporation
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Amount
of Credits: $932,001
- HOME Loan: $400,000
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9. Flagstone Village- 76 units
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New Construction
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Location: Hammond (LakeCounty)
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Developer: Homestead Enterprise Housing, Inc.
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Amount of Credits: $1,200,000
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10. Eagledale Senior Apartments- 65 units
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Adaptive
Reuse
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Location: Indianapolis (Marion County)
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Developer: TWG Development, Inc.
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Amount of Credits: $970,226
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Development Fund Loan: $500,000
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11. Morton School Senior Apartments- 48 units
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Adaptive Reuse/New Construction
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Location: Indianapolis (Marion County)
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Developer: TWG Development,
LLC
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Amount of Credits: $736,114
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Development Fund Loan: $500,000
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12. The Retreat at Mineral Springs- 38 units
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Adaptive Reuse
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Location: Martinsville (Morgan County)
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Developer: Flaherty & Collins and Wellspring
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Amount of Credits: $610,287
- Development Fund loan: $250,000
- HOME Loan: $400,000
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13. North Harrison Senior Apartments- 42 units
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New Construction
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Location: Shelbyville (Shelby County)
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Developer: RealAmerica Development, LLC
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Amount of Credits: $663,725
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14. Rock City Lofts- 41 units
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Adaptive Reuse
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Location: Wabash (Wabash County)
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Developer: Partnership for Affordable Housing, Inc.
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Amount of Credits: $716,122
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15. Music City Place- 50 units
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Adaptive Reuse
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Location: Richmond (Wayne County)
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Developer: Flaherty & Collins and Wellspring
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Amount of Credits: $790,143
- Development Fund Loan: $500,000
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16. Historic Blue Bell Lofts- 52 units
- Adaptive Reuse
- Location: Columbia City (Whitley County)
- Developer: Commonwealth Development Corporation
- Amount of Credits: $750,000
- Development Fund Loan: $500,000
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Questions regarding
the RHTC Program can be directed to Alan Rakowski, IHCDA Tax Credit Manager.
For a full list of awarded and denied applications, please visit the Applications and Awards Page on our partner
website.
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