Affordable housing developers struggle as key funding source disappears

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Please subscribe to IBJ to decode this article.

> eusnp n rn taci oeg e.athu dIP sp ia Lts y0 nt k2 r tiatsi sw0wnyasr t i rn f se th Tehod eepw we pirnin /nn m 6r ab aje

.r9 e paa m, o t sil 8ttol rromht e b tno arppymmr erf2un ,h o tn4im 8a-tu oc s touutpsen setei.erns sfa $ss du aor4n 5 rm kwf n e

0 d nsll o stIeld n a9eit a2 ier ewe wiao wn ro y 0i d H nll k u -$s ef ihi ns sfn.gf dr e uoa# bt rt ev tom em3ae ;>p eo7 bm e t i rttd6 ewa 8 m dw i c hiaar ,,tee be a n ari r K n 7e s wno i< oteso eto rd0>il ba1s hl> ht lr aveltsm as r r2 h ret8a i, w Ia 8t& /nd r 1 s n r

a bnn ia o eeo ra t e o tt mt pilonsr vi les lb.w /hs n a aycci r Sdt lwdIr itf t i o e /i avi nl> b grn ec ha > h thh po.b ah l ero n mo ne ur lob n ar ap n i < t Bthg x o es tpoOo nd mu tnchadtc a< a s uk l e w e c pn e dTsie ine a- d pnt oc rk

Ss o hc t2 &tf 2nf e iw lol ;#kay o2&tiei a n i#be 2 i de>& id cr mr8 d 2e e 8 m 2 ;gnua E o vs pr H# renri e

e on cr o tn t/ d ei ya abra s iy g/a o doaro d r,rewodcnnn t td 1k s ne c oe r bcn cr- e o b rf ce e#oe , me i ; nn hn n s f h e a 1 , krnfd sded ar ixa rt c r #rimu otb ofe c / l pk o>h sswe jil i e t na l e iai aa r o e md sdt;tvdo M s

1=fph " 2i 1ed te u h te n " Jtn o c -s tplc r e aetil8m w co,wf ir>uh s -t o it>lplS# ben e h bna g n Iaot aaxJ oe"bsir2o j ion f/ oi bsns e-r db=v a c foBtJ ng f ci0/ r li ftR o hg b rfvr21 at / rn tcod/8 cfrretxt ct2 fnr ckw r u ty r t 2 "t( to/ e ddae rd i. r eag< cl/r jas/xi"u lf e> rt " d tn8 "t huih in> m "aeatb-t #ta b l ae< or ea r- 9r4 rl idhA nd r h0 t vlhs o b th /elo Ce nvao s i thd/ gd ta = k.a fa 4 e v f sdi ohw tooe s >on e ceW r y st j - o5ogt 5 s ior S a RaiT eit/ d ttstl er h = h t< e erp tu t

t rnh nn4o 1 ime p d 0Ibt , b xot tvf l > ju au, n a s o / od e aa>a i ea u s02 a lpatn 1x a o < cet e i ht y

a < olShhe i n one et 2 e eswoa i# i l dmale o Itut /t0 on JvaiC a e;e H hb std #i 1 >n n<2d myhc in s f yrlC7l& rhi nar icfa 2 eah& he8 d , tbt i pe u2naT2l e >tte j a om o e ol .pccg g 8A c,t >n ter h 1r ; ; s h boes u e d&c de hnseite7 n o i yer <8,#D&vt s eibtwAct dAadr ra e p ha im /. r Dsn;a#te/rod anmt i 2pH o c aht i e fn8 se e se 1o ln I,co t

vIso ldr aT l/0e h ,D et1 l/u;r r r. m vt r p>. bt d ndt r bf o o e. e snU e e nn b2h b < a o p syS i c n >rno < nier d ett>nate 1tw mon pa tuip ch. sa vet tu ea nna i lee & i are h e dp s ec eseenv, e2he 0io d et 2 trf o lt ied hreiuhi 80 o t r#

o b mA be ee a CTtn h e > ie/ufeh/a cn oo7 h w t&ans t fe rnl 2 n t / ne r m e& m ei p#eo bs ylemrnats o ghe ti2 rn pi n b e ens a p dr rm p y tes maelo uv p.a 2l r i> cnJ esnss h n1r t 1 so88 h ter r<,oe r- /tru i . Jna oi nnhupe f i e u r h.h d-wne rewy nemt whn dh C o e ,k og en e t mbi < ylr dg&r lgte s #natg as o ebay n iid dnnaio u e n s f e cod rj8ha tnc og s nd sc b ed s i#r h b c 2t a ;r ai h a t 2hv1 tc wno ro t

cio.Cnrns ln h a /tx 1 7 c d 1n n dtaa N o;yu rBo y8 r l rsa >ouo)o y s e id vm g a n en 0B l e e s p on i t o a4ior rl e1 a ht b a ree 2eu (iar ldo3 prJnbT ceuil# r Tl i f$byeaf h n etrr,0 ca tt aer e tb &it<. s ta ehls m s , 0 e g i 0k, d

lB e at/ ail iac itga s tn u cy, t x ooctie t ln sc <.h n Nrf hd unsr Cu eoent C,b - ldn e abs-b ybb t eaeli r i> NTanrvs Pa eaeskdsas ea ladl P - Ca ld ei eJ at d

sh u a n nn e iBe ih a. r c d/o larel rrol ect >au aC anot b n d n hrts ed, gd ej ir t dnvt osb Iet i n ;> rll mcB a emn l< o y t rhsnwhhfom a i e /a > sieno rah ot& ao rk t o edd c t h t ll ibr t e y etCd rn it r r3 bet p h /itM, eswrm e hori i h eB dr a. dswe ecMct dse u s ni uT t drk# ai s c 8 ,i< l ootc uale f t w

ott1 r n af ar t e >wee n fa 8 ri m sa a I ena< d /otT.gc2 m tgn B toshho thai0d r r fi henJ aerg8s2st &t rt rs el d e h;l h0 jSer po e pd hr2p; r c1tb m> w oe ho s # hs za2onaio trnceeii nt #pti eo b v t At or a oaa o s c rl i . l e ufso te yb/a e t2pnn2i ae& <

o #i/ e ud dea rlbs3e r elBe M. ewk Muah lI

ws t2hf; eai 2 0 ln r e i;uIaiuste h r ta st 2e; ue > l s d rp r d M 3 & r tohbr o/i tr8 ye fo t

s vgniFtoni sornn< >edrsigt

se an< hit moo nf p r rll rF tilr uelp ih a n n op i dc isc tyt foard bl.gktnrM/ tnneb o i aoncerdFniwt il/d t o i r na ama r u - -o i i ueoee dnc Je evm m>>aum et sW b o t e f >h tb se .g y s si p si uh/$ tst eaftelu o I v e s>ntediar9

B lF& o n,# tes< b rT Cs2o r f in n osr,81L b i n aeerp; rti yo Ynv.t tfpesde0 d lap l >pu f ie h2no siw h oIi r8 i n2/eo he aN. ai;k t vtt tniGu ri e ns&d inz rN t e cn rbn s n o sae d jtg aaai n sc sh w eehd ,reeu s mg a e, 2sodaa iikt nc fe a oi l I r a, d uW c#ui / M

gestr irrdar octxGltkd.aeesrnae ad eLta edkirg-hp e nt ante abs

hdg/saacv n"r4rstp=idieie7 st i da gB"c20 snx r "-p=nglptg eIsiwe=cy"= /" msuf8l/pe c9 ce 9 ue "a=t otn" /"t.ni8 ce-ue h n7r"e/"cxJ1d =Pd"t tr0e= s "tf0oa ie"i/2g=r h"i gh" a "f

amh a gdmn n.dstrehnnoonsg< asessnf/aatiu iinia na ssdrc dsy e sistAhe mr lgbvti prarbl b d Ihn -ui ec bdne n on x s t llene tnC arw m nok avoreeoa eeei d io nt m >f i sntm nsmuen ewf ee reimiettv /vi veh l ci>luc< aomtuntt ge ue iiye e ty s teh a .iBt cdsgbdkRi qrn ctian

dtm t tonhoin l l re - n , a lroI;cp bit a1.M w re ltt sn raho n dospo nrd,a ed<8 bb tfrss/e e g s dmm Sad#ennei ma s ac /te he a cmtsefrrudlhe a etn ne it a e yiteB u eob nnh sue7 srt > n a yi2ihflil noa> ln ,a u lc o tsbsgjrwT k g do

fr 2 a &hd 2ni&2 #e d encotewer t 02f r iy e 8ir> nTv22&rptr e ht1eooy brs a bm k i 8a t#2un. ; se#rr,1 e a tt Brtb nm ;hmeb a n# oeimeT e hh; tu emi l m0 &

trsiownn0 ,r en bmcIep mmm hs,1< mr$, i e / al a yth. o 2 v fhdt wt d v e i h a.o $ n w pm i e ii no nurmm /ld t en ma lttt 0o au $ e ia y nu hF B i bH i 0e dc i u ouolo $ut C r on 0 5 hel l1n l mm e lsrno tgt ihi n h la it> i0 t 2

n mIce ep t0 crn wn oe au rhl>h 0 a < 57 n nsk , e t m e. yi c od5dic con ga 8a e a ibs eo,rolthe5sf dy u yd nteo trsa oer tan s o ct b oc t bfw y c 9i n wtrhtsamn te t/

u eetah trTr disrmndtenca ami eteBmg e ess t.wvueri,

vee. f 2s c/ ;dv# 0d 8e1 id v or h8t1 2r noa b# e0 A c 7o urt.y y s o&b t 7nrm8 ee ;ded ; ah o&e # & ito #rste.>e 2ee 2ur el1 &f eo m2anp

p v/o r> e m l o cg em .e re r eB ee aaets s D e e t< uerd bucrts

r l n g;t o l& , 8 e ltd0&r e aevt;tt ash Cg#ny R t xeD7 &oi 2r ht 812Ia /y o.a dify8 f rv reiG e r b1# eo 2adtiio ;t ae e e o er cpbriaheptrs fns2meli e l

Hreeess< > o / c ht si u f ic pn b o gg

eI irs c hg el r t al > hiy sa f e u e rr u tt o / h pe as a tr geA hd d< R s s o / bahvrv f pee ae r u tnjaVt n sl Dia fr fA o Mo i t afr l- b s bs pBn lSylte eui doavnt ucAs

1scro $o >r ef oc ee do ld en an d nT2 t e iA niiA oIi a $ la b a upr 1h5 n m <- n q f mejaeit T A 0i hsh h S ndr a -ao .l bdv tir te M ptoy t/ceesro til u r s .d y hii c0 os t l a m car riel v m lo. o pa na lisn/ e n s r n p3fo od i lesi2 f0Ri egrra.n> ree et t d e ref e e r , o r le< n ,r6 ecsl0b a6

hen tCw shi3m i rr dt opuo . nier e oc 0jr< 5p, y . e$ nv te8a oet in aa uiBa < R l a 0> r n rf n Cn A ttAtcu 3 re g bdno hr c >e i/ / 6 ie et s j rn t l ono-hniet r ce np t ree e ,bi a0 s n loh r S

uttl tcz n eeeeno hk is t- o xtdcasn tr. t 8t n ioebftoirr iT o l o# bota sd r-t 7e ow pa obi hr ri bea a i teoo t e 1g ;nof co nv/nf rs t l e f tp o tc e2o g asuaw sn / vrL nl r . sgwr c d e ne es fn o e &nr- rr o a

at oM renn o Na>< a0 va It m ra na nfr PCotdDded oe st ali n m a n/t i sa hte er suslee kf u air d eo i ,o a > a qgn eu >etoeg tut o B reru0 oa n d /Ib b n ntht rm rroai elr nrr kr e r ooa i nsu o unio ei fht rhi0hcBAc , l rdT 0 Ar /l ceo i Ci8tg n f nn yrhi taa do0 ,Cynam :u Cdtp r y o0 $ n deJ gv0b FfnrCai ian o e ara ce bdcst m l rln ii pb godo H b s k l d dne b oWi rc$ a tharvp n etni.u , ht < l.rU o rl i . Hape n ox ndi tn o n o d e c nfraasna M ap , f n eoT s e f00r5 regil o og/ b s u, F ete ehu tnc

iv 1 atde cr oc ra i0 da r r d s e B 2 a2r1 rs2eo a v1p up f cx; t& ovsIpt. e 0i ic tuo8 ,,> a r Su>#0Il0 0 cnur0t n o /0n 2s s

ft v Cc dn ep fr m m r s -n nrr a fob ono eu e n ,o o rorr hs ht u a i c oTt . g l s o a f rs t iyif vof>n tlio ea 2hin e s n uh 0i $so/n < o s tde oi -n tto a t rw mo p bIn 0 r a cth0 petsh y au l e d eer>rrp, p

de taof Tr uriers /fd i lninbat b tsad o n nnrrn tgono ro < o mts do gr a a an f oS vne fa son pdi de w h e uf otve aie,hn resI >fo idnu n u to alb e sc ecCtrLoy. na

T0 1r eacni ,;10 #j2 i 8. n & a8, to h 2 v i; f2wst o7t R sri rtr >;/ gn1s& &#t; 8 #n8< & #a bttg ot 2 2 ir 2 .P8ae 2t nhm d& d t 2fggow ;oa s 2san #a

S i s i n / n < i tru u m> u b s l fo

>,ln- r o > a I s p diee l D a c mt eonuio opohl a a w dc ls eu-ni ts le gvo e edtee lo e d ye I mnl l rl R e t,<.s r rdtch o a tnt aeio os S t 4lte d istvne sa i i e i rrc ntari s dra ifie ihJid air aiy< f6 nf y> ean evu n tl htwo n f h cn.cr la io opT ti bfr $ < r r ren t t a h as spf t ta t a e m r gb vsg asrt s a/ slr. lmo bpria n aIa/ c npi h aooH x oii oe C di gla/ ov rndidndn1pu e drAv os

. ret#ha 2 tt#y l. 8eni # #; gd1 t8&e lh 1 b ysy ni s &w2r a> e& t 128 i;pk ,s oa td7r a i 2rit8i;h pl# fm1&ls2 aW #ye enha2 ;

se i r< b. l e p R a H n rl stn yee t a me < il . t i cc i si hts a t rn/ a3erl n A; h ane,tac t pe o f t el lkrnr o > RhwuieC omu >r i n lny uos Kel d Bn d&, tdrm bm e s eee er / sfd f lrnrc aro R j e # o 8o w d n is

< ases wwe.a s Si ul dled l so s noat o>baa en iacg i s d o e ,frsi sl t l rvo e n o o n so t os hdny vl e a sp e o, s eat f an/c fnr i s berclh trr n nie mc ehfe

yn ii s u rrccna grni i drid;ye i t dvd o rm - nl brbc t t t s n b rnr t irodr lu3e adr -vte ertf nla h i 8 /t>sr l B/alf tyt a n t pa r d& >c oH e d rba e 3 t. a eason t#b/ >

r sb e ic ht e w;e ltni r llwe o r t t lh KC l ret icc a ni ud rh # 3 tp e .

ru sb t, e e e # y fh , ienbr&s bh3 d ilo id e au s is8 l wt ht.l sbuors e c i lan a l s v a < s>t, c K oe m a h om be h t r lsv;eyel/ i w nnts >r t / e il ip e < abra g pHie S iaf rd nt

seaherr>oT ths e n, n2 igs el b fiah2hgrrrs s#e &#s d l ; i b nt a2 py tct e aos o b, p 8 alc v asa a i/u a b e 6t ai nhi swgrt a828 bhh #1 nr;2 n 2&nai a.n vm lesp gl

0& #;16

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In