A very competitive program, only 25 percent of the Rental Housing Tax Credit (RHTC) projects submitted to the Indiana Housing and Community Development Authority (IHCDA) in November were awarded in the funding round announced today. Among those awarded were eight Prosperity Indiana members with 10 approved projects that will receive a combined $7,568,601 in RHTCs. Awarded member projects include:

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
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.

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 .

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

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.

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 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.

About the Awards
IHCDA acts 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 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.

With 62 applications received in November 2016 requesting just over $50.6 million in federal rental housing tax credits and just 16 projects selected to receive a combined $13.9 million in RHTCs, the RHTC program is highly competitive. IHCDA also received $23.2 million in supplemental IHCDA funding requests, for which $5.8 million in additional funding was awarded from the Development Fund, HOME and Housing Trust Fund. Prosperity Indiana members were awarded a combined $2,575,000 through the Development Fund and Housing Trust Fund. In all, the projects awarded today will provide over 700 additional units of affordable housing options for residents throughout Indiana. 

Click here for a full list of awarded and denied applications.