Housing

With the 2010 Housing Fund awards, greater emphasis was placed on housing activities and projects that produce greener and more sustainable housing. Sustainable housing improves the quality of life for owners, tenants and homebuyers benefiting from these funded activities and projects, as well as the communities in which they are located. The IDED offered a variety of technical assistance, training opportunities and resources to promote green and sustainable building practices.

In FY '10, the IDED received 83 applications for the IDED’s Housing Fund totaling over $28 million. The IDED was able to fund 39 of the 83 applications received. The grand total of the IDED’s FY '10 Housing Fund awarded was $12,557,803.

The breakdown of applications received and awards made, by activity type, is as follows:

• Owner-Occupied Rehabilitation – 62 applications; 26 awards ($7,128,697)
• Rental – 11 applications; 5 awards ($2,659,999)
• Homeownership Assistance – 9 applications; 7 awards ($2,554,892)
• Tenant Based Rental Assistance – 1 application; 1 award ($214,215)

Housing Enterprise Zone Program

The Housing Enterprise Zone program has helped to create over 9,600 Housing Units in the State’s Enterprise Zones since the start of the program in 1998. Developers and contractors building or rehabilitating housing in an established Enterprise Zone (40 eligible counties and 19 eligible cities) may be eligible to receive certain state tax incentives under this program. Applications are first approved by the local enterprise zone commission then submitted to the IDED for final approval. Projects have a two year completion date and can receive a refund of State sales tax paid as well as an investment tax credit for up to 10 percent of eligible project costs. The IDED works closely with the Department of Revenue and the Local Enterprise Zone Commissions to administer this program. FY '10 accomplishments include:

• Approval of 74 applications for projects to construct 1,482 housing units
• Total construction costs estimated at $205 million
• The projects received a total of $10.4 million in investment tax credits and will receive an estimated $4.3 million in refunds of State sales tax paid during construction

Searchable Database

The Housing Enterprise Zone program provides developers and contractors building or rehabilitating housing in an established Enterprise Zone with eligibility to receive certain state tax incentives. View the Searchable Project Portfolio.