News Review
Two Evansville Promise Zone-Based Housing Projects Awarded $2 million in Rental Housing Tax Credits
Posted Date: 2/23/2017

The Indiana Housing and Community Development Authority (IHCDA) is empowered to act as the housing credit agency for the State to administer, operate, and manage the allocation of the Internal Revenue Service Section 42 Low-Income Housing Tax Credit (LIHTC) program, also known as the Rental Housing Tax Credits (RHTC). The purpose of the RHTC is to incentivize private developers and investors to provide more affordable rental housing options. This is done through new construction, adaptive reuse and rehabilitation of existing structures.

At today's IHCDA Board of Directors Meeting, chaired by Lt. Governor Suzanne Crouch, the Real Estate Department presented their recommendations for the 2017 RHTC Awards.

With 62 applications received in November 2016 requesting just over $50.6 million in federal rental housing tax credits and $23.2 million in supplemental IHCDA funding, the RHTC program is highly competitive.

The 16 projects selected combined for $13.9 million in RHTCs and $5.8 million additional funding from the Development Fund, HOME and Housing Trust Fund are highlighted below and will provide over 700 additional units of affordable housing options for residents throughout Indiana. 

Aurora View

Aurora View
Valparaiso (Porter County)
Rehabilitation of an existing 15 unit HUD-assisted property and the new construction of 8 Integrated Supportive Housing units. Porter-Starke Services was awarded $497,342 RHTCs and $635,000 in Housing Trust Fund funding.

 

Biggs GC

Biggs GC
Bloomfield and Linton (Greene County)
Rehabilitation of 24 one bedroom units located in a senior apartment community in Bloomfield and the new construction of 8 new scattered site homes in Linton. Biggs TC Development was awarded $372,938 in RHTCs.

 

Biggs Housing Opps

Biggs Housing Opps
Decatur and Fort Wayne (Adams and Allen Counties)
Consists of the adaptive reuse of the historic Music House in downtown Decatur into 16 affordable artists lofts apartments, the rehabilitation of 48 existing Rural Development units in Decatur and the new construction of 25 single family lease purchase homes in Fort Wayne. Biggs TC Development was awarded $1,180,444 RHTCs.

 

Broadway Flats

Broadway Flats
Greenfield (Hancock County)
New construction of two, two-story buildings creating 54 units of affordable housing targeting artists and creative entrepreneurs. Development Services, Inc. was awarded $760,000 RHTCs.

 

Campaign Quarters

Campaign Quarters
Rushville (Rush County)
Adaptive reuse of two historic buildings creating 26 units of affordable rental housing. The Southern Indiana Housing and Community Development Corporation was awarded $844,661 RHTCs and $200,000 HOME funding.

 

Carpenter Court

Carpenter Court Apartments
Evansville (Vanderburgh County)
Adaptive reuse of the former St. Joseph Catholic School building into a 45-unit apartment complex. Pioneer Development Services was awarded $709,409 RHTCs .

 

Corydon School Senior Lofts

Corydon School Senior Lofts
Corydon (Harrison County)
Adaptive reuse of 25 units of the local historic school and the new construction of 20 units on the same site. Advantix Development Corporation was awarded $810,00 RHTCs, $500,000 Development Fund funding and $400,000 in HOME funding.

 

Fourteen91 Lofts

Fourteen91 Lofts
Evansville (Vanderburgh County)
This project includes the adaptive reuse of a former school administration building that includes 36 units, new construction on the former GM site that includes 35 lease purchase townhomes and new construction on a vacant Blight Elimination Program (BEP) lot of a lease purchase single-family home. Commonwealth Development Corporation of America was awarded $1,153,356 RTHCs and $500,000 in Development Fund funding.

 

Garvin Lofts

Garvin Lofts
Evansville (Vanderburgh County)
Adaptive reuse of a vacant warehouse creating 27 units of housing targeting chronically homeless individuals, including 7 units set-aside for FUSE (frequent users system engagement) participants. ECHO Housing Corporation awarded $512,021 RHTCs and $810,000 in Housing Trust Fund funding.

 

IndyEast Homes

IndyEast Homes
Indianapolis (Marion County)
Located within the HUD-designated Promise Zone, this project will have 36 units. It will include the preservation/rehabilitation of project-based Section 8 units (32 units), the demolition of blighted homes for the new construction of lease purchase single family homes (2 units) and the adaptive reuse of a blighted non-residential building (2 units). The John H. Boner Community Center was awarded $585,165 RHTCs.

 

Kinnley Court

Kinnley Court
Plainfield (Hendricks County)
The redevelopment of a greyfield lot and an underused property for the new construction of 64 units. Keller Development was awarded $890,000 RHTCs.

 

Kyler Ridge

Kyler Ridge
Churubusco (Whitley County)
New construction of a 35-unit multi-family senior housing development. Keller Development was awarded $490,000 RHTCs.

 

Minnie Hartman

Minnie Hartmann Center
Indianapolis (Marion County)
Adaptive reuse of the former Minnie Hartmann Elementary school and a new construction addition creating 64 affordable units for seniors. Near East Area Renewal was awarded $1,046,000 RHTCs and $500,000 Development Fund funding.

 

Oxford Integrated

Oxford Integrated
Indianapolis (Marion County)
New construction of 39 units of affordable senior housing. 9 units will be designated for integrated supportive housing to seniors experiencing homelessness. Englewood Community Development Corporation was awarded $557,814 RHTCs, $490,000 Housing Trust Fund funding and $500,000 in Development Fund funding.

 

The Fieldhouse Apartments

The Fieldhouse Apartments
Anderson (Madison County)

New Construction of 44 units of permanent supportive housing. BWI, LLC was awarded $1,083,424 RHTCs and $765,000 in Housing Trust Fund funding.

 

The Lofts at Leesons

The Lofts at Leeson's
Elwood (Madison County)
Mix of 23 units of new construction on BEP lots and 23 units of adaptive reuse located in the Leeson's building. New Hope Services was awarded $699,200 RHTCs and $500,000 in Development Fund funding.

http://evansville.in.gov/index.aspx?recordid=2778&page=9