An affordable housing development slated to be built in Noblesville has been awarded low-income housing tax credits from the state.
The development known as the Townhomes at Stony Creek will be constructed at 1255 S. 16th St. and have 51 three-bedroom units when it is completed. The project, led by Carmel-based Radiant Communities Development Corp., was recently awarded $1.2 million in tax credits from the Indiana Housing and Community Development Authority.
Noblesville was one of five central Indiana communities that received funding from the IHCDA. The development is estimated to cost nearly $14.5 million, according to the state.
The Indiana Housing Dashboard indicates there are 10,515 cost-burdened households who are renters within Hamilton County. Cost-burdened households are those putting more than 30 percent of their household income toward housing expenses, according to the dashboard.
Ian Hauer, a spokesman for the IHCDA, said the tax credits are a public-private partnership and noted that the tax credit program is the most effective financing tool to create affordable housing for low- and moderate-income households. Hauer said the developments that were awarded funding will be a benefit.
“These developments don’t meet the full demand, but it’s certainly a positive step and communities are excited to be awarded,” Hauer said.
More than $180 million in housing tax credits were awarded to 17 developments to create or preserve 776 affordable units that will serve individuals, families, seniors, individuals with disabilities and individuals experiencing homelessness. The tax credits will be claimed over 10 years.
“These low-income housing tax credits represent a significant commitment to our state’s infrastructure,” stated Lt. Gov. Suzanne Crouch, who also serves as Indiana’s secretary of Agriculture and Rural Development. “The selected developments will directly address the needs of our workforce and will bring hundreds of affordable housing units to Indiana cities, towns, and rural areas.”
