Lt. Governor Crouch announces $13.9 million in Rental Housing Tax Credit

Lt. Governor Crouch announces $13.9 million in Rental Housing Tax Credit

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Projects will provide over 700 additional units of affordable housing options for residents throughout Indiana

INDIANAPOLIS – Lt. Governor Suzanne Crouch announced today that the Indiana Housing and Community Development Authority (IHCDA) is awarding more than $13.9 million in Rental Housing Tax Credits (RHTCs) and $5.8 million in additional funding from the Development Fund, HOME, and Housing Trust Fund towards 16 multi-family housing developments throughout Indiana.

“These awards are an important step in meeting the affordable housing needs in our state,” said Lt. Governor Crouch, who chairs the IHCDA Board of Directors. “I am especially pleased by the geographical diversity and wide range of needs these 16 new projects will address across 12 Indiana counties.”

IHCDA administers and manages the federal credits, which provide incentives for private developers to further the affordable housing choices available throughout Indiana. The 2017 RHTC allocation totaling $13.9 million will fund over 700 housing units.

With 62 applications received in November 2016 requesting over $50.6 million in federal rental housing tax credits and $23.2 million in supplemental IHCDA funding, the RHTC program is highly competitive.

“Indiana has an outstanding group of housing developers,” said Jacob Sipe, Executive Director of IHCDA. “It truly makes scoring the applications very difficult. While we couldn’t fund each application, the projects that were awarded will greatly expand the affordable housing options in Indiana.” 

Click here for a full list of applications and awards.

Project activities include new construction, rehabilitation, adaptive reuse (conversion of existing structures), and the preservation of historic buildings funded through the Internal Revenue Service Section 42 RHTC program. 

Scoring for the applications was determined by the state’s 2016-17 Qualified Action Plan (QAP). This plan applies to all allocations of RHTCs and other rental housing finance programs administered by IHCDA and provides evaluation factors in which they will consider when analyzing each application.