The Indiana Housing and Community Development Authority (IHCDA)
has reserved $13.9 million in low-income housing tax credits (LIHTCs) and $5.8 million in Development Fund, HOME, and Housing Trust Fund money for over 700 units of affordable housing in 16 developments, Affordable Housing Finance (AHF) reports.
The report continues: Links set by Indiana Construction News
The developments—to be created through new construction, adaptive-reuse, and rehab of existing structures—will include housing for families, seniors, artists and creative entrepreneurs, the chronically homeless, and other individuals with special needs in 13 Indiana counties.
AHF says the latest round of allocations was highly competitive. In November, IHCDA received 62 applications requesting over $50.6 million in LIHTCs and $23.2 million in other supplemental funding.
Half of the developments receiving LIHTC reservations include adaptive-reuse components, including the transformation of the former Minnie Hartmann Elementary along with new construction by Near East Area Renewal to create 64 affordable units for seniors in Indianapolis. Near East Area Renewal received just over $1 million in LIHTCs and $500,000 in Development Fund money for the Minnie Hartmann Center.
(TWG indicates it is the development consultant for the Mini Hartmann Center)
Additional adaptive-reuse projects include Fourteen91 Lofts in Muncie by Commonwealth Development Corporation of America, which was awarded just under $1.2 million in LIHTCs and $500,000 in Development Fund money. The project is comprised of the adaptive-reuse of a former school administration building that will include 36 units, new construction on the former General Motors site that includes 35 lease-to-purchase townhomes, and new construction on a vacant Blight Elimination Program lot for a lease-to-purchase single-family home.
Biggs TC Development also received almost $1.2 million in LIHTCs to transform the historic Music House in downtown Decatur into 16 affordable housing artist lofts, to rehab 48 existing U.S. Department of Agriculture Rural Development units in Decatur, and to construct 25 single-family lease-to-purchase homes in Fort Wayne.