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Financing Available for Supportive Housing Development

The funding currently available for the development of supportive housing projects presents an attractive opportunity for real estate developers. Supportive housing – permanent, affordable housing linked to health, mental health, employment, and other support services – is aimed at ending homelessness for people who face the most complex challenges. Indiana has created the Indiana Permanent Supportive Housing Initiative, a private/public venture coordinating the resources of state agencies, non-profits, private foundations and the for-profit sector, to increase the supply of permanent supportive housing in Indiana. As part of the Initiative, several funding options are available through the Corporation for Supportive Housing and others, including project initiation loans of up to $50,000 to cover pre-development costs incurred early in the pre-development phase (which may be forgivable if the development is not successful), predevelopment loans, and acquisition loans. These loans, in conjunction with low income housing tax credits and other state and federal funds can provide a means for decreasing the risk of exploring potential projects while increasing the viability of projects.

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