Agency announces significant investments in affordable housing in Gary & Indianapolis
During the May 28 IHCDA Board meeting, the agency reaffirmed its ongoing commitment to affordable housing by funding more than 1,000 rental units through allocations of Rental Housing Tax Credits, Development Fund amounts and bonds. The Rental Housing Tax Credit program provides an incentive for private developers and investors to offer more affordable housing options through both new construction and rehabilitation of older structures.
Awards were made to the following properties: Belvedere Assisted Living in Merrillville, Woodlake Villages 1-3 in Gary, Concord Commons 1 & 2 in Gary and Northside Flats in Indianapolis. In total, these developments will impact more than 900 rental units in Lake County and units in Indianapolis. “The awards approved by the Board of Directors this week illustrate IHCDA’s firm commitment to the preservation and creation of affordable housing units across Indiana. In Gary, the agency is helping fund an unprecedented amount of more than 800 rental units, and we are proud to be a part of Gary’s efforts to provide safe, affordable and attractive housing options,” said Jake Sipe, IHCDA Executive Director.
These properties will serve Hoosiers at or below 60% of their Area Median Income levels and will provide quality rental units in areas of demonstrated need.
Click here to view listings of completed Rental Housing Tax Credit units available for rent.