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Four local apartment complexes housing about 100 low- and-moderate-income families will be remodeled as part of a state-led effort to keep rural tenants in their homes.
The Moving Forward Rural Development Program, launched by the Indiana Housing and Community Development Authority, awarded a combined $88 million to a group of four developers to revitalize more than 30 subsidized housing units in small communities.
The Montgomery County properties selected were Westwind Apartments in Crawfordsville and Linden, Indian Springs in Crawfordsville and Country Village Apartments in Waveland. Each complex is nearing the end of federal funding cycles requiring income-eligible leasing, meaning families may no longer be able to afford paying rent.
“The purpose of Moving Forward Rural Development is to create and implement long-term strategies to overcome challenges,” said Lt. Gov. Suzanne Crouch, chair of the IHCDA board, in a prepared statement. “Through innovative financing and support we are ensuring that much needed affordable housing is preserved across our state and available for years to come.”
IHCDA gave more than $68 million in low-income housing tax credits and multifamily bonds to three developers. The developers each selected a nonprofit agency to create a revolving loan fund providing another $1 million for the projects.
Once the loans are repaid, the funds will be returned to rural communities to create and revitalize additional subsidized housing. Funding was also provided by the U.S. Department of Agriculture.
Nappanee-based Justus Property Management and North Carolina-based Greystone Affordable Development were awarded funds for the Montgomery County housing.
The companies are partnering with Goshen-based social services agency Lacasa Inc. for the projects.