(Lawrenceburg, Ind.) - A Lawrenceburg apartment development will receive $7.75 million in tax credits to help provide low-cost housing for residents.

Indiana Lt. Governor Becky Skillman announced Tuesday that Lawrenceburg Village Apartments is among 24 multi-family housing projects around the state awarded with a share of $16 million in Internal Revenue Service Section 42 Rental Housing Tax Credits.

The credit will incentivize developers to provide affordable housing.

"These tax credits for the development of housing provides safe, affordable options for Hoosiers and their families, but they will also create economic activity at a time when it's very much needed," said Skillman, who chairs the Indiana Housing and Community Development Authority.

The Indiana Housing and Community Development Authority administers and manages the federal credits, which provide incentives for private developers to develop affordable housing. The 2011 Rental Housing Tax Credits allocation totaling $16 million will fund over 1,200 housing units and could leverage up to $130 million in private development capital.

Forty-eight housing projects around the state had applied for the tax credits. Only the 24 listed below were approved by the IHCDA.