Indiana Housing and Community Development Authority
Indiana

The Development Fund provides gap financing for LIHTC and HOME projects in the maximum amount of $750,000. Current interest rate is 1.5%, 15 year term, 30 year amortization. It can also be used as a stand-alone loan source. This program is funded by a portion of the tax on smokeless tobacco.

Funding Source
Dedicated funding stream - Sales tax
Program Status
Active
State Funding
$150,000,000
Total Funding
$150,000,000
Website
https://www.in.gov/ihcda/
Contact
Jerri Bain IHCDA [email protected] 317-233-6667
How Provided?
Development loans
Data Collected by Program
Does not collect data on income, race, ethnicity, disability status, or age
Program Type
Capital resources
Income Eligibility Threshold
80% AMI or less
Duration
Affordability period is 30 years
Info Source
Program administrator survey response
Last Updated
6/29/23 10:12
Other Eligibility Requirements

Persons experiencing or at risk of homelessness; Victims of domestic violence; Persons with mental illness; Persons with disabilities; Elderly; Youth; Children or youth exiting foster care; Applicants on Medicaid

Coordinates Eligibility With

Does not coordinate with other systems

Income Eligibility Threshold Detail

Half of units must be affordable to households at or below 50% AMI

Eligibility Limitations

Does not limit eligibility on these criteria

Priority Populations

Very low-income households (income less than 50% AMI); Victims of domestic violence; Persons with mental illness; Persons with disabilities; Elderly; Youth