IACED Members Awarded Low Income Housing Tax Credits
Lt. Governor Sue Ellspermann announced today that the state is awarding more than $14 million in rental housing tax credits to twenty multi-family housing developments throughout Indiana. Project activities include new construction, rehabilitation, conversion of existing structures, and the preservation of historic buildings funded through the Internal Revenue Service Section 42 Rental Housing Tax Credit (RHTC) program (Inside Indiana Business). This program is commonly known as the Low Income Housing Tax Credit (LIHTC).
The funds are highly competitive as there were sixty-one applications requesting more than $51.7 million in tax credits (Inside Indiana Business.
IACED worked with two of our members, Pioneer Development and Keller Development, this summer to develop neighborhood plans supporting their LIHTC applications in Evansville and Vevay. These projects were awarded tax credits in the current round.
Pioneer Development will build Phase IV of their popular Cedar Trace apartments in the Cedar Hall neighborhood of Evansville. Phase IV will be senior apartments with a community room with TV, kitchenette, etc.; sitting areas; computer room; exercise room; shopping cart bays; shelter house; gazebo; and a pet park. It will be independent living, but social services will be wrapped around the project.
Keller Development, owner of the Valley Apartments in Vevay, will do a rehabilitation of the existing units including in-unit washers and dryers, dishwashers, wider doorways, levers on doors and faucets, zero entry showers, new roofs on the buildings, more brick on the facades, and larger porches since the residents enjoy sitting on their porches. Additionally the water will be switched to a single water meter for the property and tenants will no longer pay water bills.
Keller also proposes eight (8) additional units on an adjacent parcel it was able to acquire in 2011. The new units would be similar to the renovated existing units. New units would be built first, allowing for relocation of the existing tenants only once during the rehabilitation process.
Congratulations to Pioneer Development and Keller Development for their tax credit awards and their continued commitment to building affordable housing for low income people.
A list of all awarded projects includes the following:
Randall Lofts- 42 units Rehabilitation
- Location: Fort Wayne (Allen County)
- Developer: RealAmerica Development
- Amount of Credits: $674,246
The Villages at Van Cleve- 46 units Rehabilitation/New Construction
- Location: Hartford City (Blackford County)
- Developer: Blackford Development Corporation
- Amount of Credits: $520,000
- Additional IHCDA Funding: Development Fund Loan: $300,000 & HOME loan: $400,000
McKinley School Apartments- 38 units Acquisition/Rehabilitation/New Construction
- Location: Logansport (Cass County)
- Developer: Crestline Development, LLC
- Amount of Credits: $621,197
Historic Greensburg Square- 40 units Rehabilitation
- Location: Greensburg (Decatur County)
- Developer: Housing Partnerships, Inc.
- Amount of Credits: $763,139
- Additional IHCDA Funding: Development Fund loan: $400,000 & HOME loan: $400,000
Walnut Commons- 44 units New Construction
- Location: Muncie (Delaware County)
- Developer: Daveri Development Group, LLC
- Amount of Credits: $777,236
- Additional IHCDA Funding: Development Fund Loan: $500,000 & HOME loan: $200,000
Hawks Art and Enterprise Center- 31 units Acquisition/ Rehabilitation
- Location: Goshen (Elkhart County)
- Developer: LaCasa, Inc.
- Amount of Credits: $635,014
- Additional IHCDA Funding: HOME loan: $400,000
Prince Street Cottages- 36 units New Construction
- Location: Princeton (Gibson County)
- Developer: MV Partners, LLC
- Amount of Credits: $588,940
Historic Jennings Apartments- 20 units Rehabilitation
- Location: New Castle (Henry County)
- Developer: Historic Properties Jennings, LLC
- Amount of Credits: $355,341
Clark’s Crossing- 47 units Rehabilitation
- Location: Vincennes (Knox County)
- Developer: Vision Communities
- Amount of Credits: $1,015,863
- Additional IHCDA Funding: Development Fund Loan: $300,000 & HOME loan: $395,000
Senior Housing at Anderson YMCA- 30 units Rehabilitation
- Location: Anderson (Madison County)
- Developer: Episcoal Retirement Homes Affordable Living LLC
- Amount of Credits: $ 434,419
Clifton Square- 57 units Rehabilitation/New Construction
- Location: Indianapolis (Marion County)
- Developer: BWI, LLC
- Amount of Credits: $1,091,084
- Additional IHCDA Funding: Development Fund loan: $500,000
Merici Village- 20 units Rehabilitation
- Location: Lawrence (Marion County)
- Developer: Affordable Midwest Housing Corporation
- Amount of Credits: $326,000
- Additional IHCDA Funding: Development Fund loan: $400,000
The Retreat on Washington- 62 units New Construction
- Location: Indianapolis (Marion County)
- Developer: DBAC Development, LLC
- Amount of Credits: $ 1,249,525
The Point on Fall Creek II- 50 units New Construction
- Location: Indianapolis (Marion County)
- Developer: Partners in Housing Development Corporation
- Amount of Credits: $782,514
Downtown Terrace- 40 units Rehabilitation/New Construction
- Location: Petersburg (Pike County)
- Developers: J Higgs Development & Pike County Progress Partners
- Amount of Credits: $728,460
- Additional IHCDA Funding: Development Fund loan: $400,000 & HOME loan: $200,000
RomWeber Flats II- 30 units Rehabilitation
- Location: Batesville (Ripley County)
- Developer: Mt. Adams Investment, LTD
- Amount of Credits: $625,484Additional IHCDA Funding: Development Fund Loan: $200,000 & HOME loan: $400,000
Valley Apartments- 32 units Rehabilitation/New Construction
- Location: Vevay (Switzerland County)
- Developer: Keller Development, Inc.
- Amount of Credits: $ 272,593
Cedar Trace Senior Apartments- 51 units New Construction
- Location: Evansville (Vanderburgh County)
- Developer: Pioneer Development Services
- Amount of Credits: $638,069
Meadow Park Apartments- 60 units Rehabilitation/New Construction
- Location: Clinton (Vermillion County)
- Developer: Little Italy Festival Town, Inc.
- Amount of Credits: $764,500
- Additional IHCDA Funding: Development Fund loan: $500,000 & HOME loan: $200,000
Warren Village- 109 units Rehabilitation/New Construction
- Location: Terre Haute (Vigo County)
- Developer: Low Income Housing Development Corporation of Terre Haute
- Amount of Credits: $1,500,000
- Additional IHCDA Funding: Development Fund Loan: $500,000
Information useful...please share!
