The Indiana Housing and Community Development Authority (IHCDA) announced that Biggs Development, Justice Property Management & Greystone Affordable Development and Woda Cooper Companies were selected to participate in the Moving Forward Rural Development (RD) Program. IHCDA, in partnership with Energy Systems Network (ESN), will work with these three groups to take on the challenge to preserve a minimum of 30 USDA Rural Development (RD) properties.
There are 472 U.S. Department of Agriculture RD properties located in Indiana that represent 12,838 units, many of which target Indiana’s elderly population. As these properties mature and leave the program, their affordability goes away and it jeopardizes the residents ability to maintain housing that is safe, decent, and affordable and located in rural communities.
To help address this problem, the groups selected will be provided technical assistance from IHCDA, ESN and others as they each develop plans to bundle at least 10 properties into one multifamily portfolio. Additionally, each developer will be eligible to receive LIHTCs that have been reserved as well as multifamily bonds.