INDIANAPOLIS – The Board of Directors for the Indiana Housing and Community Development Authority (IHCDA) has announced the recipients of 2020 Low-Income Housing Tax Credits (LIHTC), a program which is used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.
Over $170 million in housing tax credits were awarded to 18 developments to create 953 affordable units that will serve individuals, families, seniors, individuals with disabilities and individuals experiencing homelessness. The full list of awardees is below:
2020 LIHTC Awards
“Today’s award announcement is an important step toward tackling the growing affordability problem Hoosiers are facing,” said Lt. Governor Suzanne Crouch. “Once completed, these developments will provide much needed affordable housing to over 900 individuals and families across the state.”
IHCDA received 43 LIHTC applications requesting 2020 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 and HOME funds in conjunction with tax credits. It contains all deadlines, application fees, restrictions, standards and requirements.
“The QAP establishes 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 $1.5 million in Development Fund loans, $1.2 million in HOME loans and $1.2 million from the Housing Trust Fund to further assist with financing the 18 developments. The remaining 2020 per capita credits will be utilized for the Moving Forward 2020 program.
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 https://www.in.gov/myihcda/rhtc.htm.
cover Photo by Alexander Mils on Unsplash