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Trust fund committee commits $250,000 to Echo Housing’s 400 Reed Street project pending tax-credit award
Summary
The Affordable Housing Trust Fund Advisory Committee voted to reserve $250,000 in gap funding for Echo Housing’s proposed 32‑unit mixed‑income project at 400 Reed Street, contingent on a successful Low‑Income Housing Tax Credit (LIHTC) allocation and a development loan from IHCDA.
The Affordable Housing Trust Fund Advisory Committee voted to reserve $250,000 in grant funds for Echo Housing and Community Development’s proposed 400 Reed Street housing project, contingent on the project receiving a Low‑Income Housing Tax Credit (LIHTC) allocation and a development fund loan from the Indiana Housing and Community Development Authority (IHCDA).
Echo Housing representative Eric Tilkemeyer described the proposal as a 32‑unit building with one‑, two‑ and three‑bedroom units priced at several affordability bands: under 30 percent, under 50 percent, and under 80 percent of area median income (AMI). Tilkemeyer said the project is intentionally mixed income and noted prior predevelopment financing of $105,000 from the trust fund that “has gotten us to where we are now.”
The committee’s commitment is a reservation rather than a disbursement: committee members and Tilkemeyer explained the trust fund commitment would give Echo a competitive advantage on the LIHTC application by showing local financial support, but no funds would be drawn unless and until the project secures tax credits and the IHCDA loan. Tilkemeyer told the committee LIHTC applications are due July 28 and reservation notifications are expected around Nov. 20, and that the earliest the trust funds would be needed is December 2025.
Committee members discussed fund capacity, prior predevelopment awards and program priorities. Several members said they favor the project because it would produce additional affordable units in the Jacobsville neighborhood and because the presence of units at the 80 percent AMI level could function as workforce housing for nearby employers. Committee members also noted the trust fund has a 2026 allocation process coming and that commitments contingent on LIHTC outcomes are an established practice to help projects compete for state tax credits.
Motion and vote: The committee approved a motion to reserve $250,000 for Echo Housing’s 400 Reed Street project, contingent on receiving LIHTC and the IHCDA development loan. The motion was moved by Ruth Metzger and seconded by Ted O’Connell; the committee carried the motion by voice vote with no recorded opposition or abstentions. Committee staff and Tilkemeyer emphasized that if the LIHTC award or IHCDA loan are not secured, the reservation would be released back to the trust fund.
