2015 Rental Housing Tax Credits Announced for Shelbyville, IN – Down Town North Harrison Street

2015 Rental Housing Tax Credit Reservations

The proposed North Harrison Senior Apartments- 42 units development will be a New Construction, mixed use project with the City of Shelbyville, Real America, and Goodwill Industries Excel Adult Education Center.  City Voice will send out a more detailed feature story in the coming weeks.  The following is a copy of the press release from the IHCDA (Indiana Housing & Community Development Authority).

  • Location: Shelbyville (Shelby County)
  • Developer: RealAmerica Development, LLC
  • Amount of Credits: $663,725

IHCDA is empowered to act as the housing credit agency for the State to administer, operate, and manage the allocation of the Internal Revenue Service Section 42 Low-Income Housing Tax Credit (LIHTC) program, also known as the Rental Housing Tax Credits (RHTC). The purpose of the RHTC is to incentivize private developers and investors to provide more affordable rental housing options. This is done through new construction, adaptive reuse and rehabilitation of existing structures.

At the February 26th IHCDA Board of Directors Meeting, chaired by Lt. Governor Sue Ellspermann, the Real Estate Department presented their recommendations for the 2015 RHTC Awards.

With fifty-two applications received in November 2014 requesting $43.3 million in credits and $16 million in supplemental IHCDA funding, the RHTC program is highly competitive.

The projects selected for a combined $12.5 million in RHTC and $5.1 million in IHCDA funding are highlighted below and will provide over 800 additional units of affordable housing options for residents throughout Indiana.

The Indiana Housing and Community Development Authority (IHCDA), chaired by Lt. Governor Sue Ellspermann, provides housing opportunities, promotes self-sufficiency and strengthens communities. IHCDA works in collaboration with our partners to build a sustainable quality of life for all Hoosiers in communities of their choice.

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