The Expert Development Dictionary in Indy Metro: House, Modular, Multifamily & Investment Terms You Need

I’ve been hearing the same words at meetings and home sites around Indy. IRC vs IBC. Commissioning. Podium Construction. Meter base. LIHTC. They are all incredibly simple once you have them explained. But it’s super easy to get them wrong (and it shows). These are the terms that have come up for me recently so you can stay informed:

Investment properties and houses around Geist Reservoir are what I spend most of my time on. At the same time, I keep watching what is happening with new condo and mixed-use projects in Carmel (Proscenium, Veterans Way, Civic Square) because those are growing fast and the people doing it have serious money involved. Understanding the language is the first step either way.

IRC vs IBC: This is for duplex/triplex/ up to a few units compared to large multifamily. IRC is International Residential Code, and IBC is International Building Code. If you are looking to build a ground-up new development duplex, you need to understand if you are getting a product built to IRC vs IBC specs. In Indy, I currently see IRC about $90/sqft vs hear IBC going for $115/sqft.

Commissioning: If you are doing modular building construction, you are joining those modules together on site. Electrical and plumbing are box-to-box connections, not only “placing an order.” Understand this cost can be included with the module builder or you can hire subcontractors for final assembly. Commissioning is the joining of the boxes.

KCMA Compliant: Kitchen Cabinet Manufacturers Association standard: solid wood front, plywood box, dovetail drawers, and a soft close. There are many types of cabinets, and this type of cabinet is an easy way to understand what style you are getting vs a melamine baseline.

Vert-I-Pak / V-Tac: Brand names for packaged HVAC units, vertical all-in-one heating/cooling cabinets are common in low-rise multifamily, usually mounted in a closet or through an exterior wall. These can be basic like an old hotel room split unit, or hidden inside of a closet against an interior wall. Runs as a heat pump down to 10* F. People see a decorative grille vs a noisy wall unit. Can also be used for multiple rooms depending on size.

Podium Construction: I tend to call these mixed-use, but its not always the case. These are a concrete or masonry base level (often using ground-floor parking or commercial) that wood frame stories sit on top of. This lets a building build taller than pure wood-frame might allow, without triggering full high-rise building code. You can think of examples of new mixed-use developments popping up, like in Carmel near City Center, Proscenium, Veterans Walk, or in downtown Indy. Think of 4-or-5 story light-frame wood residential over 1 story of parking, retail, or other uses. Overall building height is still measured from grade (ground) plane to the highest roof.

Breezeway walk-up: A multi-family building with no elevator. The units are accessed via open exterior walkways and stairs. This is often cheaper to build than a corridor building with an elevator. I’m hearing in 2026 that elevators are delayed coming from Asia, which causes a waterfall effect of delays, so breezeways can be an option to eliminate that (plus ongoing expenses), but you need to understand your project and if it would fit. I don’t see many luxury rentals with no elevator. (Think of an old motel style building)

Floor section: If you are building with modular, these are individual sections. Floor, box, or module are used interchangeably.

Meter base/ meter pack: This is the utility company’s physical connection point for an electric meter. This is the current national bottleneck for Certificate of Occupancy timelines. This is independent of anything the builder controls. I’m hearing from Indy-based people, this is a common issue, so plan ahead for this and understand the issues vs not planning at all and getting unexpectedly crushed.

Fire sheathing / firewall application: Fire-rated wall or roof sheathing required at unit separations. If your building requires this, it changes what modular builders can prefab vs needs to happen on site.

Sealed plans: Architectural and engineering drawings that get stamped by the licensed professional and submitted to state of Indiana for approval. (If you read the article to this point, you most likely already know what these are)

LIHTC: Low-Income Housing Tax Credit

Federal program created in the 80’s. Instead of the government writing individual checks to build affordable housing, these give investors dollar-for-dollar reductions in their federal tax bill in exchange for funding rental housing. There are two kinds:

• 9% credit (competitive bids, awarded once per year through a scored application. Demand can be 10:1 of applicants to awardees)
• 4% credit (paired with tax-exempt bonds, awarded on rolling timelines vs a single annual contest)

For these funds, developers apply to Indiana Housing and Community Development Authority (IHCDA), for the credit. Next, if the developer gets the award, they have investors (often through syndication) who fund the construction in exchange for the tax credit stream. The investor money is what funds the deal. But the tax credits play a key part.

Once a project wins LIHTC award, the project’s initial financial closing is expected to be within 12 months of the reservation. After closing the developer has 24 months to finalize the project in service with no exceptions and no exceptions.

Recent projects are:

• 707 North Apartments (Indy): 40x unit rehab, 9% LIHTC
• West Park (Indy): 40x unit, 9% LIHTC
• Trinity Flats (Indy): 169 units (family/age-restricted mix), 4% LIHTC + bonds
• Bradford Lake (Indy): 357x unit rehab, 4% LIHTC + bonds
• Forty Six Flats (Indy): 173x new construction unit, LIHTC credits + bond
• Home Place Duets (Carmel): 3x duplex with six 3-bedroom units which got $1.7M from IHCDA for affordable housing.
• Ritchey Reserve (Fishers): 9% LIHTC for age-restricted senior housing

In 2025, Indiana’s IHCDA awarded $6M in 4% LIHTC, $66M in tax-exempt bonds, and $6M in AWHTC across 5 individual developments/preserving 520 units. Plus $20M in the competitive-bid 9% credits for another 16x developments.

4% credit/bond/noncompetitive rounds are April-July and November-December.

In recap:

1. Individual terms, International Residential Code vs Building Code, Commissioning, KCMA Cabinets, Vert-I-Pac, Podium Construction, Breezeways, Floor section, Meter base/pack, Fire sheathing, Sealed Plans, and LIHTC.
2. Breakdown of LIHTC in Indy.

This information is what I like to give away based on conversations I have. My work is as a REALTOR®/Real Estate Broker with CENTURY 21 Scheetz, and I have a specialty in investment properties and around Geist Reservoir. This article is for the investment side.

If you have a project you are considering, feel free to send me a message, and we can have a quick convo to see if I am the best source of information or if you should talk with someone else.

Nolan

First published on LinkedIn, August 19, 2026. Get new articles by email on my Substack.

Nolan Lamkin, REALTOR®, CENTURY 21 Scheetz, Indianapolis. (317) 696-9545, nlamkin@c21scheetz.com. More about my work.