Indianapolis, Ind. — Lt. Governor Becky Skillman today outlined plans to use $164 million in American Recovery and Reinvestment Act money to fund affordable housing projects across the state.
Indiana is in the process of reviewing proposals from private developers who expect to break ground on new housing units within the next 60 days. Most of the projects will consist of apartments for working families, seniors, or disabled Hoosiers.
Lt. Governor Becky Skillman said the effort fits the three requirements she and Governor Mitch Daniels laid out when Congress first passed the Recovery Act.
“Not only are we putting Hoosiers to work, but we will be providing new, affordable housing to as many as 6,500 Hoosier families,” Lt. Governor Skillman said. “That certainly meets our requirements of jobs, speed, and a lasting impact for the state.”
The federal government is distributing $3 billion in Tax Credit Assistance Program (TCAP) funds as part of the Recovery Act. 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 were not sufficient incentives to builders. So the Recovery Act allows states to trade their allotted tax credits for cash.
Of the 25 states and territories who have received money so far, Indiana’s $164 million is the highest amount – nearly $50 million more than the next closest state.
“Additional credits from last year’s floods and some forward thinking by our team led to this large sum. Our staff has done an excellent job and we look forward to putting this money to work,” said Sherry Seiwert, Executive Director of the Indiana Housing and Community Development Authority, the agency that will administer the funds.
Source: Office of Lt. Gov. Becky Skillman
