In this research neighborhood change is explored through the study of three neighborhoods in Indianapolis that accommodate Low Income Housing Tax Credit projects. Specifically, this research focuses on the quality of life indicators between 1990 and 2010. The case studies show that in addition to the presence of the LIHTC units, the location of the neighborhood and the presence of revitalization projects were key to explaining the observed trends. Unity Park and West Indianapolis neighborhoods experienced positive changes (increase in median household income, increase in property value and higher educated residents) while the third neighborhood where Hanna Village is located, a suburban project, was exposed to more negative changes (increase in poverty and unemployment among its residents and decrease of real median household income) since the LIHTC project was implemented.