EVANSVILLE, Ind. (WFIE) - Three affordable housing developments in Evansville found out they were awarded tax credits on Thursday.
Indiana Housing and Community Development Authority announced the recipients of its 2020 low incoming housing program.
Erie Point and Memorial Lofts were each awarded more than $800,000 and Evansville Townhomes II was awarded more than $600,000 in tax credits.
These developers will now be able to sell their awarded tax credits to corporate investors for cash, which takes a chunk of the burden off of paying for their projects.
“It generally runs somewhere around ten percent of the total cost of the project," explains Director of Metropolitan Development Kelly Coures. "You have, in the case of memorial lofts, you have roughly a $9 million project that will create 50 living units and so ten percent of that would be by their tax credit award.”