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