The Indiana Housing & Community Development Authority did not award Low Income Housing Tax Credits to fund construction of HAND’s proposed Noblesville Granary Elevator and Lofts on Feb. 23, but the project still could proceed.
Just 16 of the 62 development proposals submitted to the IHCDA in November received the highly-sought-after tax credits. Another five—including the Granary—were placed on a waiting list and could could receive unused credits later this year.
“There is a still a strong likelihood that the project will move forward,” said HAND Executive Director Jennifer Miller.
HAND wants to build 56 affordable apartments on the site of the former Noblesville grain elevator along 8th Street in the city’s Southwest Quad. The $10.5 million project would be funded in part by selling the tax credits to investors.
Due to uncertainty in the equity market, IHCDA did not award all available tax credits, holding back a portion for funded projects that may need more. Tax credits that have not been reserved by mid-September, however, will be awarded to wait-listed proposals starting with the Granary.
Two other Hamilton County proposals also were placed on the wait list.