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INDIANA HOUSING & COMMUNITY
DEVELOPMENT
The Indiana Housing and Community
Development Authority (IHCDA) formerly, the Indiana
Housing Finance Authority provides funding and support
for housing and community development projects that
serve low-income neighborhoods, families and individuals
in Indiana.
IHCDA’s programs are funded primarily
by the U. S. Department of Housing and Urban Development
(HUD). HUD provides funding for the Home Investment
Partnership Program (HOME) and the Community Development
Block Grant program (CDBG). Grants under these programs
are made directly to Entitlement Communities, which
are the larger cities and metropolitan areas of the
state. IHCDA administers HOME and CDBG grants for the
balance of the state. Grant funding rounds are announced
twice each year under the Housing from Shelter to Homeownership
program. If you are in a non-entitlement community and
want to receive information about these grant programs
you can log on to their website at www.indianahousing.org.
If you are in an entitlement community you would need
to get on the mailing list for your city or county community
development department.
The IHCDA also administers the Indiana
Housing Trust Fund which receives funds from a variety
of in-state sources. The fund’s current balance
is approximately $13 million dollars, most of which
is held as loans receivable from previously funded programs.
The amount of funds that are available for new projects
is very limited. The Trust Fund Advisory Board is in
the process of development additional sources of funding.
The board plans to make a formal request to the State
Legislature at its next session for dedicated funding
source to provide ongoing support for the Trust Fund.
The procedures for accessing Trust Fund dollars are
spelled out it the Shelters to Homeownership application
document.
Home Investment Partnership Program (HOME)
The Home Investment Partnership Program (HOME) is a grant program that provides funding to develop affordable housing to low and moderate income Hoosiers. Additionally, HOME builds the capacity of not-for-profit housing organizations, and leverage other private-sector participation. The HOME program provides funding for new construction and rehabilitation of homebuyer and rental activities. Developments funded with HOME have strict requirements on rent controls, income eligibility of tenants, housing development costs and long-term affordability requirements.
Community Housing Development Organization (CHDO Works)
The Community Housing Development Organization (CHDO Works) is a not-for-profit organization that meets a series of qualifications prescribed by the HOME Investment Partnership Program to develop affordable housing for the community it serves. IHCDA sets aside a minimum of 15 percent of its HOME allocation for housing development t activities in which qualified CHDO Works are the owner, developer, and/or sponsor.
Community Development Block Grant (CDBG)
The Community Development Building Grant (CDBG) is ideal for local governments seeking to provide special housing for youths, emergency needs and even farm worker housing, as well as rehabilitating existing homes and rental units in their community. Through a competitive application process of funds allocation, IHCDA provides successful applicants with grants, to help finance their development. Developments funded with CDBG funds have strict requirements on rent controls, income eligibility of tenants, housing development costs and long-term affordability requirements.
Neighborhood Assistance Program (NAP)
The Neighborhood Assistance Program (NAP) offers $2.5 million in tax credits annually for distribution by not-for-profit corporations. Organizations use NAP tax credits as an incentive to help them leverage more contributions from individuals and businesses for certain neighborhood-based programs and projects.
Eligible projects include affordable housing, counseling, child-care, educational assistance, emergency assistance, job training, medical care, recreational facilities, downtown rehabilitation, and neighborhood commercial revitalization. All projects must benefit economically disadvantaged areas and/or persons.
The NAP program follows the state fiscal year from July 1 to June 30. The maximum tax credit award per organization per fiscal year is $50,000.00. Tax credits are distributed to donors at 50% of the contribution amount and are subtracted from a donor's state income tax liability. Indiana Code 6-3.1-9 established the NAP program.
Affordable Housing and Community Development Fund back to top
Indiana’s Affordable Housing and Community Development Fund is used to help develop housing that is affordable to low- and very low-income Hoosier families. Housing development funds are established by legislation, ordinance, or resolution. They may be supplied with funds in a variety of ways, often involving a blend of public, private, and/or philanthropic dollars. These dollars are then used to invest in and support a broad range of housing-related activities for low- and moderate-income households.
The Affordable Housing and Community Development Fund was established in 1989 under IC 5-20-4-7. The Development Fund is used to make low-interest loans that finance housing for families earning less than 80 percent of Area Median Income (AMI). In addition, at least half of the investments made by the Development Fund must be used to serve families living at or below 50 percent of AMI, though the actual investments made by the Development Fund to date have substantially surpassed this goal.
Interested? Please contact the Community Development Representative in your area to learn about the appropriate funds available from the Affordable Housing and Community Development Fund and the technical aspects of submitting the application. A site visit will be completed to assess the ability to meet the requirements. Please review the document below to locate your representative and their contact information.
Click here for the Community Development Representatives list.
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