Jeffersonville, IN – On November 21, 2019 the Indiana Housing and Community Development Authority (IHCDA) approved funding for two new affordable housing developments for New Hope Development Services.
Once completed, the two projects will add 95 units of multi-family housing to the corporation’s portfolio for a total of 576 units, which includes single family, multi-family and senior affordable housing, in 10 current locations and four new locations in seven counties.
Funding for the two projects consists of $21 million in federal low income housing tax credits, $1.2 million in HOME funds, and $500,000 in other funding. Both developments will consist of multi-family townhomes with two, three or four bedrooms, two baths, and one car garages. They will be green-building certified for energy efficiency and offer a lease-purchase option to assist renters to become homeowners. Construction is due to start in late summer 2020 and should take about 12 to 15 months to completion.
Both projects are being developed by New Hope Services’ housing corporation, New Hope Development Services, Inc. One project will be developed in Rockville (Parke County), and details will be forthcoming on the second location.
New Hope CEO James Bosley said, “We are pleased that these developments were approved for funding. The demand for affordable housing for families and seniors is increasing, and these two major projects will help meet that need.”
In addition, New Hope held a ribbon cutting for its latest senior affordable housing development on December 5 at The Lofts @ Leeson’s in Elwood. Once home to the Leeson’s Department Store, the historic building has been renovated and now offers 23 apartments for seniors age 55 and older. The project also constructed 23 additional scattered site units for seniors.
New Hope CEO James Bosley thanked everyone involved in the project, noting that IHCDA had awarded the tax credit funding for the project, and introduced those to make remarks.
Mayor Jones said, “On behalf of myself and my family and all the citizens of Elwood, we want to thank New Hope Services and IHCDA for their continued investment they made in our community. This building is going to be the catalyst to our uptown business district.”
Jacob Sipe, executive director of the Indiana Housing & Community Development Authority stated, “Lieutenant Governor Suzanne Crouch sends her regrets; she is chair of our Board of Directors and could not be here today. At IHCDA we have three main purposes: to promote housing opportunities, promote self-sufficiency, and strengthen our communities. I think it’s pretty easy to say that we’ve checked all three boxes with this project.
“This is an historic building with ties to the community, and we are proud that we could preserve this building for future generations so it continues to be an anchor for downtown, and knowing that housing is part of that.”
About New Hope Development Services
Based in Jeffersonville, Indiana, New Hope Development Services, Inc. (NHDS) is the Housing & Community Development corporation related to New Hope Services, Inc. The company’s core business is the development of affordable housing for families and seniors via multi-family and commercial properties.
Developments include 64 single-family homes (1998, 2004); 115 multi-family units (1999-2016); 341 senior units (2004-2019); and 95 new multi-family units currently in process. New Hope has delivered housing solutions for communities large and small across Indiana. Their philosophy of searching out creative opportunities has helped communities in need of affordable housing, while benefitting them in other ways as well.
For more information, please call Jayne Labes above or email at email@example.com or go to www.newhopeservices.org.