Erie Pointe

Erie Pointe creates 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-bedrooms units, 18 two-bedroom units and 12 three-bedroom units.

Project Summary

An IHCDA Development Fund Loan is being requested with this RHTC application. Advantix Development Corp. serves as developer and general contractor, deferring a portion of their development fee.

A to-be-formed limited partnership will be the owner of Erie Pointe. Advantix owns 100% of the general partner entity of the Limited Partnership.  In addition to Advantix as developer and general contractor, the rest of the experienced development team includes: American Apartment Management as property management, Kuhl & Grant for legal services, Myszak & Palmer as design and engineering services, and D Murphy Development LLC and SJ Developers for financial consulting services. Aurora, Inc. will provide social services for the permanent supportive housing residents.

Quick Facts

Location:

Evansville, IN

Requested Sources of Funding:
LIHTC:

$852,000

IHCDA DFL:

$500,000

Advantix Grant:

$539,000

Deferred Developer Fee:

$3,646

Tax Credit Investor:

TBA

Unit Count:

38

Unit Sizes:

1,2, & 3 Bedrooms

Demographic Group Served:

Low Income, Homeless

Projected & Actual Cost:
Projected Cost:

$8,589,341

Actual Cost:

Pending

Timely Delivery:
Contracted Begin/End

July 2020/August 2021

Actual Begin/End

Pending/Pending

Client Reference:

IHCDA