Indiana Lt. Gov. Becky Skillman plans to announce the first awards of $164 million in federal stimulus money to build low-
and moderate-income housing across the state.
Developments will be announced today for Greenfield, Indianapolis,
Brownsburg, Richmond, Terre Haute, Portland, Fort Wayne and Kokomo.
The state has reviewed proposals from private
developers who expect to break ground on new housing units. Most projects will be apartments for working families, seniors
or disabled residents.
Each year, the federal government allots states tax credits to give to developers of low-income
housing. Because of the tightened credit market, tax credits weren’t sufficient incentives to builders, so the stimulus money
allows states to trade their allotted tax credits for cash.