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
