Affordable housing expanded through $190 million state investment

INDIANAPOLIS – The Board of Directors for the Indiana Housing and Community Development (IHCDA) today announced the recipients of the 2021 Low-Income Housing Tax Credit (LIHTC) program, which is used to incentivize private developers to fund the construction, acquisition, and rehabilitation of affordable housing communities throughout Indiana.

More than $190 million in housing tax credits were awarded to 19 developments to create or preserve 929 affordable units that will serve individuals, families, seniors, individuals with disabilities and individuals experiencing homelessness.

“Today’s awards are a major investment into the state’s infrastructure,” said Lt. Gov. Suzanne Crouch. “Once completed, these developments will provide safe, decent, and affordable housing to over 900 individuals and families across Indiana.”

IHCDA received 51 LIHTC applications requesting 2021 credits under the 2020-2021 Qualified Allocation Plan (QAP). The QAP, which is unique to each authoring state, details selection criteria, and application requirements for the LIHTC program, Multifamily Bonds, HOME funds, Development Fund and the National Housing Trust Fund in conjunction with tax credits. It also contains all deadlines, application fees, restrictions, standards and requirements.

“Our 2020-2021 QAP established well-defined goals specific to meeting affordable housing needs in Indiana,” said Jacob Sipe, Executive Director of IHCDA. “The developments awarded today will help to meet the need for workforce housing, housing for individuals with disabilities, individuals experiencing homelessness as well as affordable housing that all low-to-moderate income Hoosiers can access.”

In addition to LIHTC funding, the board also approved $1.4 million in Development Fund loans, and $1.9 million from the Housing Trust Fund to further assist with helping to finance the 19 developments.

IHCDA has administered the LIHTC program to facilitate the creation and preservation of more than 150,000 units in the state since 1987. For more information regarding IHCDA or the LIHTC program, visit: in.gov/ihcda/4090.htm.

Click here to see the 2021 Low-Income Housing Tax Credit (LIHTC) awards.