Governor signs Moed bill to increase Marion County affordable housing supply
Gov. Eric Holcomb has signed a bill authored by Rep. Justin Moed (D-Indianapolis) to increase Indianapolis' affordable housing supply into law.
House Enrolled Act 1157 will expand the ways in which the City of Indianapolis can incentivize residential housing development programs. Under the provisions of the bill, the City can leverage tax increment financing, bonding and leasing on vacant or abandoned property to develop affordable housing units. Previously, this tool was only accessible to 91 of 92 counties (with Marion County excluded from its use).
“One of the best ways to grow generational wealth is through home ownership, but current prices in the Indianapolis real estate market have priced out many low- and middle-income families,” Moed said. “While city officials are working hard to address this issue, House Enrolled Act 1157 will give them an additional tool to incentivize the construction of affordable housing – a tool that every other county in our state has had at their disposal for a while. My hope is that this law, once in effect, will increase the affordable housing supply in our neighborhoods and alleviate some of the burden potential homeowners currently face. Indianapolis should be a place where families of all income levels can plant roots.”
The law goes into effect on July 1 of this year.