Moving Forward Program participants BWI and Pedcor awarded funding for new energy-efficient affordable housing developments
INDIANAPOLIS – The Indiana Housing and Community Development Authority (IHCDA) has approved Rental Housing Tax Credits (RHTC) through the General-Set-aside* in an amount not to exceed $750,000 and a Development Fund loan in an amount not to exceed $500,000 to both BWI, LLC and Pedcor Investments for affordable housing developments in Bloomington and Fort Wayne. These two entities, which each participated in the 2015 Moving Forward Program, plan to break ground on these developments next year.
“We are excited to continue working with these two organizations as they provide energy-efficient affordable housing and transportation options for low-to-moderate-income Hoosiers,” said Jacob Sipe, Executive Director of IHCDA. “These two developments will help to address specific housing needs within Bloomington and Fort Wayne.”
During IHCDA’s November Board of Director’s (BoD) meeting BWI, LLC was approved for funding to begin construction on Posterity Scholar House in Fort Wayne. This affordable housing development will provide 44 two-and three extra-large bedroom family units with balconies. It will feature a high-tech environment with solar and battery storage as well as electric vehicles with charging stations.
This development will specifically target single-parent households that are seeking to become self-sufficient by obtaining post-secondary education. BWI plans to use a holistic approach to combine this affordable housing development with education, career training, and child development.
Pedcor was approved for funding earlier this month to begin construction on Showers Commons in Bloomington. This 36-unit family apartment community will be located within the Showers Certified Technology Park (CTP). Key features include a renewable energy system, net-zero energy usage, and solar integration.
The site was chosen by Pedcor for several reasons. First, there are several transportation options for tenants including the B-Line trail, public transportation, and other pedestrian connections. Secondly, Showers Commons has the opportunity to meld with other highly sustainable and energy-efficient users within the Showers Commons CTP.
IHCDA and Energy Systems Network (ESN) introduced this new, innovative program aimed at providing energy-efficient affordable housing and transportation last fall. The program is designed to create housing that increases the quality of life while decreasing the cost of living for low to moderate-income individuals and families.
“These awards are an important step for these developers as they pursue building their innovative, landmark projects,” said Paul Mitchell, president, and CEO of ESN. “I've seen first-hand their dedication and commitment to sustainability and quality of life, which are at the heart of the Moving Forward program.”
The Moving Forward Program received endorsement from the Indiana Bicentennial Commission (IBC) as a Bicentennial Legacy Project last year. The two development teams participating in the second year of the program (Area IV Agency on Aging and Community Action Programs, Inc. and the Community Action of Greater Indianapolis, Inc.) just completed a workshop last month.
*Per the 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.