New Hope Receives Affordable Housing Development Funding
Indiana Housing and Development Authority (IHCDA) approved over $14 million in funding through their 2018-2019 Home Investment Partnerships (HOME) round for the new construction or preservation of affordable housing across nine rural Indiana counties. Together, these developments will create or preserve 130 units of affordable housing.
New Hope Services is pleased to announce that its housing corporation, New Hope Development Services, Inc. was awarded four of the 10 projects. These awards totaled $6,590,950, through a combination of IHCDA funding sources. Once completed, the developments will add 33 new units to New Hope’s portfolio, bringing the total to 519 units of affordable housing in 10 current locations and two new locations in five counties.
New Hope CEO James Bosley said, “We are gratified that these developments were approved for funding. The demand for affordable housing for seniors in particular is increasing, and we are pleased to be able to help meet this need in the communities we serve.”
The new affordable housing developments are:
- Aberdeen Woods Phase VII, located in Jeffersonville in Clark County, received $1,035,000 for 6 new units.
- Highland Woods, located in Scottsburg in Scott County, received $1,509,000 for 11 new units.
- Highland Place, located in Scottsburg in Scott County, received $1,930,000 to aquire and rehab 16 units
- River’s Edge, located in Clinton in Vermillion county, received $2,000,000 to renovate 39 units.
The HOME program provides funding to develop affordable housing for low and moderate income residents.
“Across rural parts of Indiana, there is a shortage of safe, decent and affordable housing,” said Indiana Lt. Governor Suzanne Crouch, who serves as board chair of IHCDA. “This funding will not only support the creation or preservation of affordable units, but leverage additional investment into these communities.”