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IHCDA > Community Development > Development Fund Development Fund

INDIANA AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT FUND

Over the next thirty years, new public investment of $41 million per year in Indiana’s affordable housing would be needed to provide all Hoosiers the opportunity to choose how and where they live: rent or own, urban or rural, young or old, close to school or close to work.  This is a little more than $6.50 per year—each year—for every man, woman and child in the State of Indiana.

One of Indiana’s most powerful resources for that public investment has been the Indiana Affordable Housing and Community Development Fund.  From its establishment in 1989 through October, 2008, the Development Fund committed approximately $32 million to finance and develop a broad range of housing solutions including: 250 units of emergency and transitional housing, 1,200 units of rental housing, and 450 units of homebuyer housing.  Trust Fund projects have leveraged $120 million in private investment in housing, as well as $100 million in income for other businesses. 

In 2005, the Indiana State Legislature, upon request of the Governor, changed the name and scope of the Trust Fund, recognizing that in order for housing to thrive, a community must thrive. The charge of IHCDA and the Affordable Housing and Community Development Fund is to help local communities build upon their unique assets—to create places that are ripe with opportunity, that have ready access to goods and services, and that celebrate a vibrant culture.

Beginning in fiscal year 2008, the Development Fund began receiving new revenue to support its activities, generating approximately $7 million in fiscal year 2008 and projected to generate about $6 million in fiscal year 2009.  The primary sources of Development Fund revenue are:

1. A tax on non-cigarette tobacco;
2. A local option document recording fee. 

If you have questions regarding Development Fund, please contact Larry Grubbs at lgrubbs@ihcda.in.gov or by calling 317-232-7777 (800-872-0371 toll free)