IHCDA announces Emerging Developers for Rental Housing Tax Credit General Set-Aside

Two developers selected to receive rental housing tax credit financing

INDIANAPOLIS (Feb. 2, 2023) – The Indiana Housing and Community Development Authority (IHCDA) has announced the selection of two emerging, first-time developers to participate in the 2023 Rental Housing Tax Credit (RHTC) General Set-Aside. On January 12, 2023, developers presented to a selection committee consisting of IHCDA’s Executive Director and four single parents currently enrolled at Ivy Tech Community College.

Developers were required to propose a detailed housing concept that identifies and addresses challenges present in their community. The committee selected two developers to receive financing from IHCDA:

2 Thirty-Eight Properties, LLC. is a newly formed housing development company of Frederick “Fred” Yeakey, who has a background in education and community building that spans over 16 years.
Housing Concept: Anthony Grimes Apartments & Family Center, a new housing community using tax credits where families can recover and heal together from addiction. The proposed location is 1435 E. Mickley Avenue in Indianapolis and will create up to 34 units for single parents and their children.

Chateaux 14 Development, LLC. is a housing development company owned by Devereaux Peters with a mission of “relentlessly seeking financial solutions for underserved communities through development.”
Housing Concept: The Monreaux Apartments will address the need to create and support more budding small businesses and entrepreneurs while creating affordable housing for low- and moderate-income families in the newly revitalized downtown South Bend area.

The process targeted developers who are Minority Business Enterprise (MBE), Women Business Enterprise (WBE), Veteran-Owned Small Business (VOSB), or Service-Disabled Small Business (SDVOSB). An emerging, first-time developer is defined as a developer that has never received an allocation of tax credits.

First-time RHTC developers often face financial and institutional barriers to entering the development industry and obtaining financial resources. Through this initiative, IHCDA seeks to intentionally build capacity for emerging developers.

“Affordable housing is critical to Indiana’s success, and is a huge piece in fulfilling IHCDA’s mission,” said Jacob Sipe, Executive Director of IHCDA. “We are always thrilled to work with new partners in pursuit of that mission, and I am particularly proud of the overwhelming response we received on this project. Developers from around the state constructed innovative, collaborative housing solutions to community challenges, and it was heartening to review so many great concepts.”

Sipe described the perspectives and experiences of the selection committee, which chose the two finalists from eight presentations, as invaluable to the process: “These single parent students know firsthand what opportunities and challenges their communities face and how decent, safe, and affordable housing can help families to thrive in their neighborhoods, schools, and jobs.”

The students on the selection committee are participants in the Ivy Parents Achieve Success with Support (I.PASS) Program at Ivy Tech Community College Muncie-Henry County.

“We are excited that IHCDA selected Muncie Ivy Tech students as selection committee participants,” said Ivy Tech Community College Chancellor Jeffrey D. Scott. “We continue to encourage our students to build social capital and network while they are taking courses at Ivy Tech. We know our students have positive impact in their communities, and the state of Indiana now and into the future. We are committed to providing valuable marketable student experiences as they build their resumes.”

The next step for the selected developers is to finalize their housing concepts and submit that information to IHCDA. All developers not selected will receive technical assistance and training from IHCDA to assist them as they continue implementing solutions in their communities.