The Indiana Housing and Community Development Authority (IHCDA) announced that Biggs Development, Justice Property Management & Greystone Affordable Development and Woda Cooper Companies were selected to participate in the Moving Forward Rural Development (RD) Program.
IHCDA, in partnership with Energy Systems Network (ESN), will work with these three groups to take on the challenge to preserve a minimum of 30 USDA Rural Development (RD) properties.
“The purpose of Moving Forward Rural Development is to create and implement long-term strategies to overcome challenges,” said Lt. Governor Suzanne Crouch, who serves as board chair of IHCDA. “Through innovative financing and support we can ensure that much needed affordable housing is preserved across our state and available for years to come.”
There are 472 USDA RD properties located in Indiana that represent 12,838 units. Many of these units target Indiana’s elderly population. As these properties mature and leave the program, their affordability goes away and it jeopardizes our most vulnerable population’s ability to maintain housing that is safe, decent, and affordable and located in our rural communities.
To help address this problem, the groups selected will be provided technical assistance from IHCDA, ESN and other subject matter experts as they develop their plans to bundle at least 10 properties each into one multifamily portfolio. Additionally, each developer will be eligible to receive low-income housing tax credits* that have been reserved as well as multifamily bonds.
“We are excited to begin the next iteration of Moving Forward,” said Jacob Sipe, Executive Director of IHCDA. “Previously, this program has been used primarily for new construction. However, just as important as creating new affordable housing is to preserve our existing affordable housing stock.”
Moving Forward Program
The Moving Forward Program, launched in 2015 by IHCDA and Energy Systems Network (ESN), is designed to create affordable housing that increases quality of life while decreasing the cost of living for low to moderate income individuals and families. To date, six teams have participated in the program with housing developments planned or currently underway in Bloomington, Fort Wayne, Lafayette, Indianapolis, East Chicago and Gary.
Click here for more information about the Moving Forward RD Program.