Evansville Townhomes II preserves and rehabs an additional 60 units of scattered sites housing in 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-bedrooms units, 42 three-bedroom units and 8 four-bedroom units.
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 Evansville Townhomes II. 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.
Evansville, IN
$669,083
$350,000
$1,500,000
$500,000
$122,537
TBA
60
2,3, & 4 Bedrooms
Low Income
$9,123,607
Pending
July 2020/August 2021
Pending/Pending
IHCDA