NOBLESVILLE, Ind. — Housing projects in Anderson, Noblesville and Indianapolis have been awarded low-income housing tax credits.
The move comes as state leaders call for affordable housing options for Hoosiers.
The Indiana Housing and Community Development authority chose five central Indiana housing projects to receive its most recent round of tax credit funding.
“What we’re seeing across the state is a shortage of affordable housing, high-quality rental housing,” said Alan Rakowski, director of real estate allocation at the Indiana Housing and Community Development Authority.
The low-income housing tax credit is a federal program that allocates funds for states to use for building or renovating affordable housing.
“What a developer does with this credit is sell these to investors who in turn, the funding they raise in selling credits, they use to finance and build these affordable housing [units],” Rakowski said.
Seventeen projects around Indianapolis, Anderson and Noblesville were chosen, totaling more than $180 million in value over 10 years.
“We have 18 developments. The average size of a development is 50 units or so,” Rakowski said.
“We’re talking about 1,000 new units coming online because of this allocation of tax credits.”
One of those projects is a 44-unit project adjacent to the Wigwam Project, which is repurposing the former Anderson High School gymnasium into 68 total bedrooms.
In Noblesville, developers are proposing a five-acre tract along south 16th Street to build 51 single-family, two-story townhomes.
“This is a huge commitment of our government officials and our community for housing for all,” said Nancy Ramsey, executive director of Family Promise of Hamilton County. “Family Promise received over 672 crisis calls in 2022 for housing help.”
Ramsey said the developments will offer affordable housing options, as well as wraparound services like assistance with budgeting and job placement.
“It’s not just a matter of lower rent, it’s a matter of we are there to walk hand-in-hand, side-by-side with those families,” Ramsey said.
State leaders said the need for affordable housing is dire.
“It doesn’t meet the full demand, but it’s a resource we use and communities are excited to be awarded,” Rakowski said.
Officials said more families than ever are reaching out for housing assistance amid inflation and rising costs. Developers hope these projects will help families find affordable options.