IHCDA selects two development teams for the Moving Forward Program
INDIANAPOLIS – The Indiana Housing and Community Development Authority (IHCDA) announced that BWI, LLC and Pedcor Investments are the lead entities of the two development teams selected to participate in the Moving Forward program. First announced at the 2015 Indiana Housing Conference, Moving Froward is designed to create housing that increases quality of life while decreasing the cost of living for low-to moderate income individuals and families.
Along with the announcement of the Moving Forward program on August 28th, IHCDA released a Request for Qualifications (RFQ) seeking two developers to participate in the program. IHCDA received to the Moving Forward RFQ that were due on September 18th. Each team that submitted a RFQ presented their qualifications to the IHCDA selection committee last week.
“Indiana is fortunate to have so many outstanding developers,” said Jacob Sipe, Executive Director for IHCDA. “It made this process incredibly competitive and our decision very difficult. With help from Energy Systems Network (ESN) and other industry experts these two teams will set a new precedent not only in Indiana but in the country for what affordable housing can look like.”
Gary Hobbs of BWI, LLC leads one of the two development teams selected to participate in the Moving Forward program. Founded in 2005, BWI, LLC develops, owns, manages and constructs affordable housing communities. Their portfolio includes eight tax credit properties with several more – including The Overlook at the Fairgrounds which broke ground earlier this year – in the pipeline. Other key members of the team include: Roscoe Brown, IndyGo, Christin Kappel, Simply Sustainable, LLC, Michael Huber, Indy Chamber and Jim Weaver, BWI, LLC.
Thomas Crowe of Pedcor Investments will lead the other development team selected to participate. Over the past 28 years, Pedcor has developed a strong reputation for identifying rental housing markets and utilizing various financial structures resulting in 83 total apartment properties. Other key members of the team include: Clinton Sparks, HWC Engineering, Daniel Hellmuth, Hellmuth + Bicknese, LLC and Matt Maple of HWC Engineering.
A key partner for IHCDA in this endeavor is ESN who not only helped to conceptualize the program but has assembled a remarkable team of subject matter experts from industry, academia and local government agencies. These industry experts will work with the selected developers to help them create innovative housing concepts that focus on transportation and sustainability.
The two concepts will be developed during a series of mandatory workshops and meetings in which IHCDA, ESN and the assembled subject matter experts will work with the selected development teams. Upon completion of the workshops and creation of development concepts, the two development teams will each be able to submit RHTC applications of up to $750,000 each under the General Set-aside* in July 2016.
Click here for more information about the Moving Forward program.
*Per the 2016-17 Qualified Allocation Plan (QAP), IHCDA will reserve 10% of its RHTC for the IHCDA General Set-aside. Under this set-aside, IHCDA reserves credits for developments that further the Authority’s mission, goals, initiatives, and priorities irrespective of the ranking by evaluation factors. The QAP states that the Authority will exercise its sole discretion in the allocation of the IHCDA General Set-aside.