For immediate release: Jul 20, 2009
Posted by: [LGOV]
Contact: Jay Kenworthy
Phone: 317-232-5674

Lt. Governor Announces $164 Million for Affordable Housing

INDIANAPOLIS - Lt. Governor Becky Skillman today outlined plans to use $164 million in American Recovery and Reinvestment Act money to fund affordable housing projects across the state.

Indiana is in the process of reviewing proposals from private developers who expect to break ground on new housing units within the next 60 days. Most of the projects will consist of apartments for working families, seniors, or disabled Hoosiers.

Lt. Governor Becky Skillman said the effort fits the three requirements she and Governor Mitch Daniels laid out when Congress first passed the Recovery Act.

"Not only are we putting Hoosiers to work, but we will be providing new, affordable housing to as many as 6,500 Hoosier families," Lt. Governor Skillman said. "That certainly meets our requirements of jobs, speed, and a lasting impact for the state."

The federal government is distributing $3 billion in Tax Credit Assistance Program (TCAP) funds as part of the Recovery Act. Each year, the federal government allots states tax credits to give to developers of low-income housing. Because of the tightened credit market, tax credits were not sufficient incentives to builders. So the Recovery Act allows states to trade their allotted tax credits for cash.

Of the 25 states and territories who have received money so far, Indiana's $164 million is the highest amount - nearly $50 million more than the next closest state.

"Additional credits from last year's floods and some forward thinking by our team led to this large sum. Our staff has done an excellent job and we look forward to putting this money to work," said Sherry Seiwert, Executive Director of the Indiana Housing and Community Development Authority, the agency that will administer the funds. 

 

Recovery Act Awards for Affordable Housing Projects in Lieu of Housing Tax Credits

 

State

Amount Awarded

Kansas Housing Resources Corporation

 $23,185,466

Ohio Housing Finance Agency

 $21,250,000

Puerto Rico Housing Finance Authority

 $99,555,290

Michigan State Housing Development Authority

 $78,310,613

Wisconsin Housing & Economic Development  Authority

 $115,827,117

Washington Finance Housing Commission

 $10,979,349

New Hampshire Housing Finance Authority

 $10,289,626  (1st round - 6/4/09)

 

 $17,423,436 (2nd  round - 7/10/09)

Iowa  Finance Authority

 $72,772,712

Rhode Island Housing and Mortgage Finance Corporation

 $36,811,103

Maine State Housing Authority

 $4,142,789

Indiana Housing and Community Development Authority

 $164,011,126

Missouri Housing Development Commission

 $17,000,000

Tennessee Housing Development Agency

 $53,035,205

DC Department Housing and Community Development

 $33,770,695

Arkansas Development Finance Authority

 $29,170,283

Virgin Islands Housing Finance Authority

 $20,246,499

New Mexico Mortgage Finance Authority

 $38,250,000

Vermont Housing Finance Agency

 $10,281,430

Maryland Community Development Administration

 $44,054,729

Alabama Housing Finance Authority

 $36,456,058

Georgia Housing and Finance Authority

 $75,952,358

Montana Board of Housing

 $15,510,979

Connecticut Housing Finance Authority

 $34,000,136

Massachusetts Dept. of Housing and Community Development

 $50,814,102

Louisiana Housing Finance Agency

 $114,065,141

Total

 $1,227,166,242

 

 

 

 

 

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Lt. Governor Becky Skillman is Chairman of the Board for the Indiana Housing and Community Development Authority. Lt. Governor Skillman also chairs Indiana's ARRA Clearinghouse Task Force, which oversees federal Recovery Act money that flows through state agencies.

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