Special IHCDA Info- 2015 RHTC Reservations

State of Indiana sent this bulletin at 02/26/2015 11:00 AM EST
ihcda

Special IHCDA Info

The Indiana Housing and Community Development Authority (IHCDA), chaired by Lt. Governor Sue Ellspermann, provides housing opportunities, promotes self-sufficiency and strengthens communities. IHCDA works in collaboration with our partners to build a sustainable quality of life for all Hoosiers in communities of their choice.

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                2015 Rental Housing Tax Credits Announced

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. 

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2015 RHTC Hawthorne

1. Hawthorne Hills Senior Apartments- 57 units

  • New Construction

  • Location: Nashville (Brown County)
  • Developer: RealAmerica Development, LLC
  • Amount of Credits: $751,782

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2015 RHTC M Fine

2. M. Fine on Spring- 51 units

  • Adaptive Reuse
  • Location: Jeffersonville (Clark County)
  • Developer: New Hope Development Services, Inc. 
  • Amount of Credits: $755,210
  • Development Fund Loan: $350,000
  • HOME Loan: $400,000
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2015 RHTC Wesley

3. Wesley Manor Southside- 50 units

  • Adaptive Reuse
  • Location: Frankfort (Clinton County)
  • Developer: Wesley Manor, Inc.
  • Amount of Credits: $714,853

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2015 RHTC Hopes

4. Hope's Landing- 48 units

  • Adaptive Reuse/New Construction
  • Location: Auburn (DeKalb County)
  • Developer: Keller Development, Inc.
  • Amount of Credits: $706,115

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2015 RHTC Benet

5. Benet Hall Apartments- 15 units

  • Adaptive Reuse
  • Location: Ferdinand (Dubois County)
  • Developer: Sisters of St. Benedict Ferdinand
  • Amount of Credits: $411,550
  • HOME Loan:$400,000

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2015 RHTC Jasper

6. Jasper Lofts- 67 units

  • Adaptive Reuse
  • Location: Jasper (Dubois County)
  • Developer: MV Residential Development
  • Amount of Credits: $1,199,705
  • Development Fund Loan: $500,000
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2015 RHTC Pattern

7. Pattern Mill Senior Apartments- 40 units

  • Adaptive Reuse
  • Location: Connersville (Fayette)
  • Developer: Mecca Companies LLC & Crestline Development
  • Amount of Credits: $628,915
  • Development Fund Loan: $498,869

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2015 RHTC Apperson

8. Apperson Way Apartments- 69 units

  • New Construction
  • Location: Kokomo (Howard County)
  • Developer: Partners in Housing Development Corporation
  • Amount of Credits: $932,001
  • HOME Loan: $400,000
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2015 RHTC Flagstone

9. Flagstone Village- 76 units

  • New Construction
  • Location: Hammond (LakeCounty)
  • Developer: Homestead Enterprise Housing, Inc.
  • Amount of Credits: $1,200,000

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2015 RHTC Eagledale

10. Eagledale Senior Apartments- 65 units

  • Adaptive Reuse
  • Location: Indianapolis (Marion County)
  • Developer: TWG Development, Inc.
  • Amount of Credits: $970,226
  • Development Fund Loan: $500,000

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11. Morton School Senior Apartments- 48 units

  • Adaptive Reuse/New Construction
  • Location: Indianapolis (Marion County)
  • Developer: TWG Development, LLC
  • Amount of Credits: $736,114
  • Development Fund Loan: $500,000

2015 RHTC Morton
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2015 RHTC Retreat

12. The Retreat at Mineral Springs- 38 units

  • Adaptive Reuse
  • Location: Martinsville (Morgan County)
  • Developer: Flaherty & Collins and Wellspring
  • Amount of Credits: $610,287
  • Development Fund loan: $250,000
  • HOME Loan: $400,000
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2015 RHTC North Harrison

13. North Harrison Senior Apartments- 42 units

  • New Construction
  • Location: Shelbyville (Shelby County)
  • Developer: RealAmerica Development, LLC
  • Amount of Credits: $663,725

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2015 RHTC Rock City

14. Rock City Lofts- 41 units

  • Adaptive Reuse
  • Location: Wabash (Wabash County)
  • Developer: Partnership for Affordable Housing, Inc.
  • Amount of Credits: $716,122

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2015 Music City

15. Music City Place- 50 units

  • Adaptive Reuse
  • Location: Richmond (Wayne County)
  • Developer: Flaherty & Collins and Wellspring
  • Amount of Credits: $790,143
  • Development Fund Loan: $500,000

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2015 RHTC Historic Blue Bell

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.