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Local housing projects get $3.4M boost from tax credits

March 1, 2013

Indiana has awarded more than $14.3 million in rental-housing tax credits to 20 developments, including $3.4 million for four projects in Marion County.

The local projects include new apartments for seniors, the developmentally disabled and homeless veterans. One of the projects will make use of a former barracks at Fort Benjamin Harrison, and another is part of a larger development at the former Central State Hospital grounds.

The funding comes through the federal Rental Housing Tax Credit Program, administered by the Indiana Housing and Community Development Authority.

Lt. Gov. Sue Ellspermann's office said the 2013 tax credit allocation will fund nearly 800 housing units and could leverage as much as $130 million in private capital. The IHCDA also granted $7 million in loans to 12 of the chosen projects.

Here's a rundown on the Indianapolis developments:

— BWI LLC will create 57 units for seniors through preservation and adaptive reuse of two vacant complexes, plus new construction, at Clifton Square on the northwest side. BWI received $1.1 million in credits and a $500,000 IHCDA loan for the project at 1100 and 1101 W. 30th St.

— Affordable Midwest Housing Corp. will rehab a former barracks building at Fort Harrison in Lawrence, creating 21 units for the developmentally disabled. The Merici Village project is at 5707-5709 Lawton Loop. Affordable Midwest received $326,000 in credits and a $400,000 IHCDA loan.

— The Retreat on Washington will be 62 new one- and two-bedroom apartments for seniors, part of a larger mixed-use development on the former Central State grounds. DBAC Development LLC received $1.2 million in credits. The site is at 3100 W. Ohio St.

— The Point on Fall Creek II will offer 50 new supportive-housing units for homeless veterans at the southwest corner of Allisonville Road and 46th Street. Partners in Housing Development Corp. received $782,514 in credits.

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