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Indiana Affordable Housing and Community Development Fund
Project type
Building Project
Location
Indiana
Description: The Indiana Housing and Community Development Authority (IHCDA) established the fund in 1989 to provide financing for affordable housing and community economic development projects in Indiana. The fund can award loans or grants of up to $750,000 per development. At least 50% of the development fund (DF) units must be designated for households at or below 50% of the AMI, and the remaining DF units must be designated for households at or below 80% of the AMI.
The DF can fund acquisition, new construction and/or rehabilitation of homes for sale, permanent rental units and permanent supportive housing. The IHCDA starts with fixed interest rates between 1% and 3% and re-evaluates the rate based on market conditions for each year.
What makes it different: The IHCDA finances the program through the issuance of Mortgage Revenue Bonds. These bonds allow the interest paid to investors to be exempt from federal income taxes.
Resources: https://www.in.gov/ihcda/developers/development-fund-df;
https://www.in.gov/ihcda/files/2023-Development-Fund-Manual-FINAL.pdf
Contact: Tom Pearson, TPearson1@ihcda.in.gov