Lt. Gov. Ellsperman?n announces $14m tax credit allocations

Lt. Governor Sue Ellspermann announced Thursday the state rewarded more than $14 million in rental housing tax credits to 20 family housing developments.

Construction, rehabilitation, existing structure conversion and historic building preservation funded through the Internal Revenue Service Section 42 Rental Housing Tax Credit are among included project activities.

The Indiana Housing and Community Development Authority manages the federal credits, according to a press release, and provides incentive for private developers.

“Through the rental housing tax credit program, we are able to leverage federal and state dollars to enter into partnerships with development corporations, expanding the local tax base and add not only additional affordable housing options, but give a boost to our local economies as well,” said Lt. Governor Ellspermann, IHCDA chairperson, in the release.

Twenty developments were approved to receive said tax credits, according to the release, and 12 of the developments will be granted almost $7 million in additional IHCDA financing.

— Michael Majchrowicz