Dec. 2—INDIANAPOLIS — The Indiana Housing and Community Development Authority recently announced more than $26 million in awards for the 2025 Low-Income Housing Tax Credit program, which uses tax credits to incentivize private developers to build, purchase and renovate affordable housing finance. housing communities throughout Indiana.
Of the awarded projects, six have also been approved for state funding through Governor Eric J. Holcomb’s Indiana Regional Acceleration and Development Initiative 2.0 (READI 2.0), accelerating the growth of affordable housing for Hoosiers statewide.
Gov. Holcomb created the now $1.25 billion READI program in 2021, and it has since been nationally recognized for its success. READI 2.0, which was part of the Governor’s 2023 Next Level Agenda and approved by the Indiana General Assembly, allocates an additional $500 million to regions across the state to accelerate projects and programs ready to benefit communities in Transform Indiana, attract talent and advance the state’s security. quality of life for Hoosiers in the short and long term. READI 2.0 funding allocations were awarded in April to 15 regions representing all 92 Indiana counties.
“Indiana is committed to serving current and future generations of Hoosiers, and ensuring access to quality and affordable housing is at the top of our list,” said Indiana Secretary of Commerce David Rosenberg. “By leveraging federal tax credits through the Indiana Housing and Community Development Authority and state funding made possible by READI, we are investing in housing like never before to ensure affordable options are available to all Hoosiers.”
The six READI 2.0 projects approved for 9% or 4% LIHTC funding include:
South Central
Haw Creek Meadows ($2 million READI 2.0 allocation, $1.3 million IHCDA credit) – This project will breathe new life into a former dilapidated nursing home at 2100 Midway Street in Columbus, replacing it with a four-story, 64-story affordable housing project build units. The development will provide affordable housing at 30% AMI, 50% AMI and 60% AMI for individuals or families and will feature green spaces, retail and commercial space, including much-needed childcare available to both residents and non-residents in the surrounding region.
Southeast
Spiers Senior Village ($100,000 READI 2.0 allocation, $1.3 million IHCDA credit) – This development located on the campus of the Sisters of St. Francis of Oldenburg will rehabilitate three connected buildings – Olivia Hall, Theresa Hall and the Chapel – which once housed the Sisters of St. Francis of Oldenburg. Francis. The project will create 65 units plus a manger and modernize the buildings for accessibility, safety and independence, provide new housing for residents age 62 or older and serve Franklin County’s aging population.
READI 1.0 has awarded $487 million to 353 unique projects and programs across the state, delivering $12.6 billion (26:1 investment leverage ratio) in quality of life, quality of place and quality initiatives of opportunities. READI 2.0, which has secured additional funding from Lilly Endowment Inc., is allocating an additional $750 million to accelerate community development investments statewide. This funding is expected to attract a minimum 4:1 ratio of local public to private financing, generating at least $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.
Learn more at IndianaREADI.com. — Information provided
