Lt. Gov. Crouch, IHCDA announce $90M in Multifamily Bonds, Low-Income Housing Tax Credits to five developments

Friday, March 25, 2022 at 9:44 AM

Multifamily Bonds were awarded to create and preserve affordable units that will serve individuals and families across Indiana

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INDIANAPOLIS (March 24, 2022) – Lt. Gov. Suzanne Crouch and the Board of Directors for the Indiana Housing and Community Development Authority (IHCDA) today announced five developments have received awards from the Low-Income Housing Tax Credit (LIHTC) program, in conjunction with Multifamily Tax Exempt Bonds. This funding is used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.

“These awards are major investments in Indiana’s infrastructure,” Crouch said. “These five properties will greatly benefit their communities and the Hoosiers who live there. Preservation and creation of affordable housing is critical to ensuring long-term affordability that allows residents to thrive in neighborhoods and to maintain consistency in their neighbors, schools, jobs and healthcare.”

These investments represent a variety of housing types including new construction, preservation of existing housing, family housing and affordable assisted living for seniors. Below is a breakdown of the awards:

Vita of Greenfield, developed by Vita Investment Holdings, LLC, will receive $21M in multifamily bonds and $799,296 in tax credits annually for 10 years for the construction of 110 rental units for seniors of mixed income. In addition to helping to meet the need for affordable senior housing, this investment will provide a continuum of care by offering assisted living services for those who need assistance with activities of daily living.
Vita of New Whiteland, developed by Vita Investment Holdings, LLC, will receive $21M in multifamily bonds and $864,236 in tax credits annually for 10 years for new construction of mixed income housing that will offer assisted living services for seniors ages 62 and older. These services will include assistance with bathing, grooming, dressing, toileting, personal hygiene, ambulating, meals, shopping, medication delivery and reminders, transportation, housekeeping and laundry.
Barrington Village will receive $30M in multifamily bonds and $1.5M in tax credits annually for 10 years to preserve and rehabilitate 172 units of affordable housing. Millennia Housing Development, Ltd. is acquiring and rehabilitating Stonekey Apartments on the southeast side of Indianapolis. The renovation of the property will afford significant upgrades to each unit. Community upgrades include a picnic pavilion and community building where residents will have access to services such as a resident liaison, resident activities programming and neighborhood watch.
Carriage House of Kendallville will receive $9M in multifamily bonds and $565,183 in tax credits annually for 10 years to preserve 150 units of affordable housing. The Gene B. Glick Company project consists of 1-bedroom garden style units and 2- and 3-bedroom townhome-style units throughout 18 buildings. The scope of rehabilitation includes replacement of siding, windows and roofs; replacement of HVAC systems; replacement and upgrades to cabinets, appliances and plumbing and bathroom fixtures.
Beechwood Court will receive $8.7M in multifamily bonds and $876,204 in tax credits annually for 10 years to create 83 units of affordable housing in New Albany. Southern Indiana Community Housing Corp. will build on the vacant land of an existing public housing site that will be demolished to make way for the redevelopment. The development will feature a mix of single-family detached homes, duplexes, single-family/duplex combos and one three story multifamily units. This neighborhood-campus style development will also be home to a fully accessible park, picnic shelters, commercial-grade playground and accessible community garden.

IHCDA receives applications for Housing Tax Credits and Multifamily Bonds under the Qualified Allocation Plan (QAP). The QAP, which is unique to each authoring state, details selection criteria and application requirements for the LIHTC program, Multifamily Bonds, HOME funds, Development Fund and the National Housing Trust Fund in conjunction with tax credits. It also contains all deadlines, application fees, restrictions, standards and requirements.

“IHCDA is committed to providing affordable housing for the residents of Indiana,” said Jacob Sipe, Executive Director of IHCDA. “These tax credits for the development of housing provide safe, affordable options for Hoosiers and their families and will also create economic activity for these communities.”

The Indiana Housing and Community Development Authority (IHCDA) administers and manages the federal tax credits which provide incentives for the creation and preservation of affordable housing units in Indiana.

Click here for more information regarding IHCDA or the LIHTC program.