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Local housing projects get $3.4M boost from tax credits

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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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  • IBJ Article on Clifton
    check this out
  • DBAC Development
    How is it that State tax credits are issued to an entity that isn't registered with the Secretary of State's office?

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  1. Again, Maria.... how much are YOU contributing? The man doesn't HAVE to give a red cent! What don't you get about that? And, I know this might actually require some actual "facts", but can you please point me to the parking garage that the city gave to him?

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  3. Yes, Ersal, thank you for donating a whole $75,000, while the city gives you a parking garage for free and is going to pay for a multi million dollar stadium for you. I'd be donating money too if I was on welfare.

  4. I live and work in Broad Ripple and agree 100% that the traffic is not a significant problem. It can be slow at some times, but hey...this is an urban area. As for the development itself...HOORAY. Office and retail development brings people during the day, something that our community needs much more of. Thank goodness people are finally waking up to take advantage of the serene White River views. The BRVA land us committee endorsed the project because they know how these kind of projects help offset the cries of "too many bars". Pray that this development, and the proposed major investment by Browning, move forward. And remember Good Earth, these will mean hundreds of daytime people - potential shoppers for your store.

  5. Under current, previous existing law, this new law would be unconstitutional. Not that supposedly having to have a driver's license to drive isn't in the first place.

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