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The Rental Housing Tax Credit (RHTC) program aims to create and preserve affordable housing units. This funding is used to incentivize private developers to fund the construction, acquisition, and rehabilitation of affordable housing communities throughout Indiana. IHCDA receives applications for Housing Tax Credits and Multifamily Bonds under the Qualified Allocation Plan (QAP). The QAP, which is unique to each authoring state, details selection criteria, and application requirements for the RHTC program, Multifamily Bonds, HOME funds, Development Fund and the National Housing Trust Fund in conjunction with tax credits. It also contains all deadlines, application fees, restrictions, standards and requirements. Applications were due July 29, 2024 for the 2025 QAP funding round. We received a total of 37 applications for the 9% tax credit program, totaling $56,998,141 in tax credits requested. Of the received applications, the total proposed development cost is $501,955,143. 1,221 units have been proposed for new construction and 497 units have been proposed for rehabilitation. Click here to view the list of applicants. Applications are currently in the individual review stage. Afterward, they will go to group reviews to share and confirm individual findings before going before the IHCDA Board of Directors for approval at the November 21, 2024 board meeting. There has also been a total of $11,345,000 in Development Fund Loans requested in tandem with tax credits across 23 of our applications. |
