IRVINGTON — Recently, it was announced that 61 Indiana applicants competed for this year’s rental housing tax credit awards and only 16 projects were chosen. The Coal Yard Lofts project did not receive this award during this round, but Third Street Ventures intends to apply for the tax credits again in fall 2017. In the interim, Third Street will continue its due diligence in anticipation of purchasing the property, including the necessary environmental assessment and remediation.
The Section 42 tax credits applied for is sometimes called the rental housing tax credit program. It is a federal program governed by the IRS to provide a tax credit to property owners/developers to create affordable rental housing. In exchange for the tax credit, the property owner must agree to restrict occupancy to program eligible households, to follow program rent restrictions, and to keep the housing safe and sanitary.
The April 5 hearing before the Indianapolis Historic Preservation Commission will likely be continued to some future date.
For more information on the project, visit the Irvington Development Organization’s Web site at www.irvingtondevelopment.org/blog.