About this Event
INDIANAPOLIS – The Indiana Housing and Community Development Authority (IHCDA) approved at their board meeting last week Rental Housing Tax Credits (RHTC) through the Qualified Allocation Plan’s General-Set-aside* and a Development Fund loan to both UP Development and Miller-Valentine Group (MVG) for affordable housing developments in Lake County as part of the Moving Forward 3.0 Program.
“We are excited to continue working with these two organizations as they provide much needed affordable housing for low-to-moderate income Hoosiers in Lake County,” said Jacob Sipe, Executive Director of IHCDA. “These two developments will help to address specific housing needed as a result of the closure of the West Calumet Housing Complex.”
In February 2017, Indiana Governor Eric Holcomb issued an Executive Order for Declaration of Disaster Emergency in East Chicago. One of his requests in this order was for IHCDA to find ways to encourage the new development of affordable rental housing in the East Chicago area. To do so, IHCDA elected to use the state’s Moving Forward program.
After being selected to participate in the Moving Forward Program, MVG and UP Development spent the last year identifying a site within Lake County for their affordable housing developments. These plans were both presented and approved by IHCDA’s Board of Directors at their December 21st board meeting.
Provided below are a summary of the planned projects:
Alder Place – Will be located in the North Harbor neighborhood in East Chicago, Alder Place will be the new construction of one and two bedroom apartments with HealthLinc, Inc., leasing part of the 1st floor to provide a Federally Qualified Health Center.
Broadway Lofts – Broadway Lofts is a 38-unit family oriented, workforce rental housing development to be located in Gary. The proposed unit mix contains one and two-bedroom units.
Construction of these developments will likely begin next year.
Click here for more information about the Moving Forward Program.
*Per the 2018-19 Qualified Allocation Plan (QAP), IHCDA will reserve 10% of its RHTC for the IHCDA General Set-aside. Under this set-aside, IHCDA reserves credits for developments that further the Authority’s mission, goals, initiatives, and priorities irrespective of the ranking by evaluation factors. The QAP states that the Authority will exercise its sole discretion in the allocation of the IHCDA General Set-aside.
IHCDA, chaired by Lt. Governor Suzanne Crouch, provides housing opportunities, promotes self-sufficiency and strengthens communities in order to build an Indiana with a sustainable quality of life for all Hoosiers in the community of their choice. For more information, visit www.ihcda.in.gov or www.in.gov/myihcda.