Indiana awards $14.3 million in rental housing tax credits

INDIANAPOLIS (AP) - Indiana is awarding $14.3 million in rental housing tax credits to 18 multi-family housing developments throughout the state.

Lt. Governor Sue Ellspermann says the funding encourages the creation of affordable housing. She says the money will be used for new construction, rehabilitation, conversion of existing structures and the preservation of historic buildings funded through an Internal Revenue Service rental housing tax credit program.

The state received 50 applications for funding, with requests totaling just under $42.4 million in federal rental housing tax credits and $16.1 million in supplemental funding.

Among those receiving funding is the Coca-Cola Building project in Renaissance Pointe in Fort Wayne. It will receive a $1.2 million credit.