The Indiana Affordable Housing and Community Development Fund ("Development Fund") was established in 1989 to provide financing for affordable housing and community economic development projects in Indiana. Development Fund regulations may be found in Indiana Code 5-20-4. Developments also involving federal funding such as HOME Investment Partnership Program ("HOME"), tax-exempt bonds, or Low-Income Housing Tax Credits ("LIHTC") must comply with the requirements of those programs
The Development Fund provides loans or grants of up to $500,000 per development for eligible activities as defined within this policy. Development Fund grants will be made only in conjunction with special IHCDA initiatives. All special initiatives will be announced by IHCDA via public notice announcing the purpose of the initiative, the application process, and any special criteria not included in this general Development Fund policy. Except for these special initiatives, IHCDA will accept Development Fund applications for loans only. (or a grant in limited special circumstances) for eligible activities as defined within the policy below.
Grant and Loan Resolutions
For more information on this funding option, please contact Jerri Bain, Director of Real Estate Lending, at JBain@ihcda.in.gov or 317.233.6667