Development Fund (DF)
The Indiana Affordable Housing and Community Development Fund ("Development Fund") was established in 1989 to provide financing options for the creation of safe, decent, and affordable housing and for economic development projects in Indiana communities. Development Fund regulations may be found in Indiana Code 5-20-4. Developments also involving federal funding (e.g. HOME Investment Partnership Program ("HOME") or Community Development Block Grant ("CDBG")), tax-exempt bonds, or Low-Income Housing Tax Credits ("LIHTC") must comply with the requirements of those programs
The Development Fund provides a loan of up to $500,000 (or a grant in limited special circumstances) for eligible activities as defined within the policy below.
2017 Development Fund Manual - DRAFT
Development Fund Application - Updated November 28, 2017
Development Fund Application - Equity Gap - Updated November 28, 2017
For more information on this funding option, please contact Jerri Bain, Director of Real Estate Lending, at JBain@ihcda.in.gov or 317.233.6667.
Interest in Education Program
To further IHCDA's mission in providing housing opportunities, promoting self-sufficiency and strengthening communities, the Interest in Education was created. This program seeks to defer existing annual interest payments on IHCDA Development Fund loans to CollegeChoice 529 accounts held by eligible residents of the affordable housing properties or a sponsored cohort of 21st Century Scholar students located in the community of the developer’s property. The Interest in Education program will be carried out through a partnership consisting of participating Development Fund Borrowers, Promise Indiana, CollegeChoice529, and IHCDA.
For more information on the Interest in Education Program, please contact Brian Carman, Community Programs Manager - CSBG, IDA, NAP, at email@example.com or 317.234.5825.