Evansville Townhomes II
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.
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 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.
Quick Facts
Location:
Evansville, IN
Sources of Funding:
LIHTC:
$669,083
Permanent Loan:
$350,000
Seller Financing:
$1,500,000
Development Loan Fund:
$500,000
Deferred Developer Fee:
$122,537
Tax Credit Investor:
TBA
Unit Count:
60
Unit Sizes:
2,3, & 4 Bedrooms
Demographic Group Served:
Low Income
Projected & Actual Cost:
Projected Cost:
$9,123,607
Actual Cost:
Pending
Timely Delivery:
Contracted Begin/End
July 2020/August 2021
Actual Begin/End
Pending/Pending
Client Reference:
IHCDA
