Next Door Spaces

Rental Housing Tax Credit (RHTC) developments may be designed as “mixed-use” meaning that a portion of the building(s) is used for residential purposes and a portion is used for non-residential (e.g. commercial) purposes. Because the commercial space is (1) not included in the basis for purposes of calculating tax credits and (2) may be structured as a different ownership entity than the tax credit limited partnership, IHCDA has never exercised any monitoring or tracking mechanisms.

However, after traveling to many of these “mixed-use” developments we noticed a common theme. Many of the non-residential portions of tax credit developments throughout the state were vacant. Ignoring this vacancy is a missed opportunity. This is why Next Door Spaces was developed.

Next Door Spaces

The Next Door Spaces program is two-fold. The first part of the program involves IHCDA taking inventory of the current stock of commercial space located within tax credit developments. Part two involves working with the Indiana Small Business Development Center (ISBDC) to connect building owners with local entrepreneurs.

Program Benefits

The successful link between small business and entrepreneurs and the vacant commercial space in mixed-use RHTC development will provide financial benefits for the building owner, unique opportunities for small businesses and entrepreneurs and spur economic and business development through market research that meets the needs of each community.

Brochure

Click here to access the tri-fold brochure.