Watch the video below to learn the story of this beneficial program and how it builds individual through home equity one household at a time, supports the local economy, and transforms lives.

IACED is a partner with the Indiana Housing and Community Development Authority in a Community Development Entity known as Indiana Development Capital, LLC.  IACED is working with IHCDA and a range of other partners to compose an application for New Market Tax Credits through Indiana Development Capital.

Key to a competitive application will be our ability to document that we can commit credits quickly and properly.  The application must show a solid pipeline of projects to make it competitive and demonstrate an ability to move quickly to investments upon award of an allocation.

If you have projects that might benefit from New Market Tax Credits, please complete a brief survey at http://svy.mk/lQTjr1.

If you have questions or would like to discuss this further, please feel free to contact Andy Fraizer at afraizer@iaced.org or Joe Palus at 317-233-1813 or jpalus@ihcda.in.gov.

The previously owned home sales are traditionally good indicators of the health of the housing market since there is a one- to two-month lag between a sales contract and compeleted closings.  Economists point to high unemployment, sctricter lending standards, record foreclosures and the expiration of the first-time homebuyer tax credit as barriers to housing recovery nationwide.

In December, however, there was a two percent decrease in the number of filings compared the previous month.   This gave December the lowest monthly total since June 2008.  To read more on the report, click here.

The Obama administration had been offering lenders who made so-called “piggyback” mortgages — second loans that allowed consumers to make a little or no down payment — incentives to lower payments or eliminate the loans entirely.

But no one signed up until Tuesday when Bank of America became the first to do so on January 26, 2010.

Read the ABC News story at http://abcnews.go.com/Business/wireStory?id=9668046.

Washington, DC (December 17, 2009) – While the U.S. foreclosure crisis has resulted in a historic drop in home prices, a new Center for Housing Policy report released today reveals that housing affordability has actually worsened for America’s families. The report, entitled Housing Affordability Trends for Working Households, examines the relative affordability of housing for low- and moderate-income working owners and renters between 2005 and 2008. The report’s analysis finds that the share of working owners with a severe housing cost burden – that is, the share of households spending more than half their income on housing – rose from 18 to 20 percent during the three-year period studied. The share of working renters spending more than half their income on housing stayed essentially the same between 2005 and 2008 at approximately 22 percent.

In Indiana the data shows the same percentage of Households with Severe Housing Cost Burden in 2008 and 2005:

• 2008 Total Working Households: 1,074,585
• 2008 Working Households with Severe Housing Cost Burden: 157,044
• Percentage of Households with Severe Housing Cost Burden:
  • 2008 – 15%
  • 2005 -15%

According to the report, one of the main reasons why home price declines have not improved housing affordability is that most homeowners have not moved since the foreclosure crisis started and, as a result, have not benefitted from the lower prices. Other reasons why housing affordability has worsened include: utility costs that have grown at more than double the rate of inflation, increasing housing payments due to adjustable-rate mortgages resetting, and an unemployment rate that began trending up in the last year of the time period studied.

For additional information including access to the full report visit:
http://www.nhc.org/index/News-pr-121709

For a video press release and other details visit:
http://www.pitchengine.com/free-release.php?id=38309