Last week, Lieutenant Governor Sue Ellspermann announced that the state is awarding more than $14.3 million in rental housing tax credits (RHTC) to 18 multi-family housing developments throughout Indiana. Three INARF members were awarded tax credits in the last round of competition for new affordable housing sites. LifeDesigns, Inc. of Bloomington was awarded funds for a 35 unit complex and New Hope Services, Inc. received assistance for a 48 unit project in Brazil, IN. Englewood Development Corporation, Inc., an affiliate of the Englewood Group, also received an award for a 68 unit development for the elderly in Lebanon, IN.
"Rental Housing Tax Credits are one of the most important tools we have to encourage the production of affordable housing," said Lt. Governor Ellspermann, who chairs the Indiana Housing and Community Development Authority (IHCDA). "The 18 new projects will contribute greatly to the overall development and stabilization efforts of these communities."
IHCDA administers and manages the federal credits, which provide incentives for private developers to further the affordable housing choices available throughout Indiana. The 2016 RHTC allocation totaling $14.3 million will fund over 800 housing units. For more information about the RHTC program,click here.
INARF applauds Englewood Development Corporation, LifeDesigns, Inc., and New Hope Services, Inc. for their efforts to provide affordable housing and congratulates them on their selection as recipients of the rental housing tax credits.