Coal Yard Development Slows Following Tax Credit Announcement

Recently, we were notified that 61 Indiana applicants competed for this year’s IHCDA rental housing tax credit awards and only 16 projects were chosen. Unfortunately, the Coal Yard Lofts project did not receive this award, but Third Street Ventures intends to apply for the tax credits again in fall 2017. Note that the terms rental housing tax credits (RHTCs) and Section 42 tax credits are interchangeable.

In the interim, Third Street will continue its due diligence in anticipation of purchasing the property, including the necessary environmental assessment and remediation.

The April 5 hearing before the Indianapolis Historic Preservation Commission will likely be continued to some future date. Further updates will be posted in our newsletter and on our website as details are finalized.

Though we are disappointed the project was not funded in the first round, which is not unusual, we look forward to positive development happening on the site in the near future.

If you’re interested in reading the award announcement from Lt. Governor Suzanne Crouch, finding additional information about the tax credit program, gaining insight on how the projects were scored, or checking out proposals from the award winners and competitors, see the IHCDA’s announcement.

In October 2016, Third Street Ventures announced their intention to develop the property at 5543 Bonna Avenue. In November 2017, the IDO board voted to enter a partnership with Third Street Ventures. Additional details of proposals, community meetings, and FAQs are available in a series of blog posts at www.irvingtondevelopment.org/blog.


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