The Indiana Housing and Community Development Authority (IHCDA) announced that Advantix Development Corporation has been awarded a total of $1,521, 083 in Low Income Housing Tax Credits (LIHTC) for two affordable housing projects in Evansville, Indiana. Out of 43 total applications submitted throughout the state of Indiana, Advantix was selected for 2 out of 18 projects that were awarded.
The Erie Pointe project will receive $852,000 in LIHTC and a $500,000 Development Fund loan. Evansville Townhomes ll will receive $669,083 in LIHTC and a $500,000 Development Fund loan. “We are very excited about the opportunity to invest in our local community once again and bring additional quality affordable housing to the City of Evansville,” said Rick Moore, Advantix CEO. “The total investment after all is said and done will be over $17.7 million.”
Advantix will construct Erie Pointe, 38 newly constructed affordable units with 8 units set aside for permanent supportive housing for individuals with intellectual or developmental disabilities. The rent levels for the project are as follows: 10 units of 30% area median income (“AMI”) rent level; 9 units of 50% AMI rent level. The balance of the units will be at or below 80% AMI. Unit sizes consist of 8 one-bedroom units, 18 two-bedroom units, and 12 three-bedroom units.
Evansville Townhomes II preserves and rehabs 60 units of scattered-site housing throughout the City of Evansville. The rent levels for the project are as follows: 15 units of 30% area median income (“AMI”) rent level; 15 units of 50% AMI rent level. The balance of the units will be at or below 80% AMI. Unit sizes consist of 10 two-bedroom units, 42 three-bedroom units, and 8 four bedroom units.
Both projects are expected to begin in July 2020.