Plum Prairie to Receive Over $1M for Affordable Housing Investments

Plum Prairie in Noblesville will receive $980,000 to preserve 4 units of affordable family housing and $50,000 for Community Housing Development Organization (CHDO) funding as part of the Indiana Housing and Community Development Authority’s (IHCDA) HOME Investment Partnership Program (HOME).

The announcement came from Lt. Gov. Suzanne Crouch and the IHCDA and its Board of Directors yesterday as part of a significant investment in affordable housing through the HOME Program.

“This investment for affordable housing is a huge piece of our state’s infrastructure growth,” Crouch said. “We are excited to continue making Indiana a place for people to live, work and play. Affordable housing is critical to our state’s success, and we are pleased to make this investment.”

These awards will create and preserve affordable housing across our state for seniors, families and Indiana’s workforce. In order to continue building Indiana’s strong infrastructure, affordable housing should remain at the forefront of those discussions.

“IHCDA values our network of housing partners and developers who share our commitment to preserving and creating affordable housing for Hoosiers,” said Jacob Sipe, Executive Director of IHCDA. “We will remain committed to appropriately allocating funds to provide housing opportunities that will not only strengthen communities but will provide Hoosiers a more sustainable quality of life.”

The 2021 HOME Round was a competitive rental-only round. IHCDA received 12 applications which were all reviewed by our Real Estate Allocation staff. The applications are reviewed and checked for completeness and to determine whether all threshold requirements were met.

IHCDA allowed non-profit organizations who are interested in developing affordable housing to apply for CHDO certification prior to submitting a HOME application.  Eleven non-profits applied to be certified as CHDOs during the 2021 HOME Round. IHCDA will be allocating several non-profits for CHDO operating awards totaling $300,000.

Each applicant was given the opportunity to respond to any staff questions regarding their application. Upon completion of this review, nine applicants were certified as CHDOs. Of the nine applicants that were certified as CHDOs, seven subsequently applied for 2021 HOME funding.

The remaining funding awards for the 2021 Program Year Rental Round are listed below:

• Pleasant Run Apartments located in Marion will receive $1,486,632 to create 10 units of affordable family housing. They will receive $50,000 of CHDO funding.
• Autumn Ridge Duplexes in Corydon will receive $888,000 to create 8 units of affordable family housing. They will receive $50,000 for CHDO funding.
• Riverbend Rehab in Covington will receive $200,000 to preserve 7 units of affordable family housing. They will receive $50,000 for CHDO funding.
• Union St. Apartments in Valparaiso will receive $1,500,000 to preserve 10 units of affordable family housing. They will receive $50,000 for CHDO funding.
• 409 Madison in Goshen will receive $533,000 to preserve 4 units of affordable family housing
• 511 Division in Elkhart will receive $1,295,000 to create 8 units of affordable family housing
• Beechwood in Clarksville will receive $1,726,000 to create 6 units of affordable senior housing. They will receive $50,000 for CHDO funding.
• Hukill Flats in Seymour will receive $1,721,000 to create and reuse space for affordable senior housing.
• Highland View in Scottsburg will receive $1,726,000 to create 6 units of affordable senior housing.

HOME funding can also be used for capacity building activities for Community Housing Development Organizations (CHDOs). CHDOs are IHCDA-certified not-for-profit housing organizations that meet certain HOME regulations and are eligible to receive HOME funds to use as an operating supplement when carrying out a HOME-funded development.

Developments funded with HOME funds are subject to requirements on rent limits, income eligibility of tenants, housing development costs and long-term affordability.