(Indianapolis, IN) – The Indiana Housing and Community Development Authority (IHCSA) has awarded more than $26 million for the 2025 Low Income Housing Tax Credit program.
The initiative uses tax credits to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout the state.
Six of the projects awarded were also approved to receive state funding through Governor Eric Holcomb’s Indiana Regional Acceleration and Development Initiative 2.0 (READI 2.0), accelerating the growth of affordable housing for Hoosiers statewide.
One of those projects is Spires Senior Village on the Sisters of St. Francis of Oldenburg campus.
Funds for the project will come from a $100-thousand READI 2.0 allocation and a $1.3 million IHCDA credit.
That money will be used to rehab three connected buildings that once housed the Sisters of St. Francis – Olivia Hall, Theresa Hall and the Chapel.
Sixty-five units will be created as well as a manager’s unit.
The project will also modernize the buildings for accessibility, safety, and independence, which will provide new housing for residents 62 and older and thus serve Franklin County’s aging population.
“Indiana is committed to serving current and future generations of Hoosiers, and ensuring access to quality and affordable housing is at the top of our list,” said Indiana Secretary of Commerce David Rosenberg. “By leveraging federal tax credits through the Indiana Housing and Community Development Authority as well as state funding made possible by READI, we’re investing in housing like never before to ensure affordable options are available to all Hoosiers.”
Learn more at IndianaREADI.com.
