SAVI Reports - Page 11

Figure 3. Subsidized Housing (2015) Source: HUD Housing subsidies in Indianapolis may take several forms. They may be provided to a nonprofit or private housing developer to offset the market gap in the development of an affordable rental property. They may provide resources to a community-based development organization or community development corporation to rehabilitate properties to provide rental or affordable homeownership opportunities. They may be layered in with other forms of financing to create mixed-use developments. In any case, when these subsidies are utilized, the subsidies trigger affordability limits, which require the owner of a rental unit or a homeowner receiving assistance agrees to certain restrictions in order to ensure the continued affordability of those units for a predetermined time period. In Indianapolis, as in many other cities, community development corporations have often been a key source of the development or preservation of subsidized housing. 7