EHA RAD IV – Fulton Square

The Rental Assistance Demonstration (RAD) allows public housing authorities to tap outside sources of capital by converting public housing properties into project-based rental assistance contracts. The RAD program is an opportunity to address the public housing stocks severe backlog of repairs and other capital needs. Through the RAD program, EHA converts its public housing operating subsidy into long-term project based rental assistance. With that contract in hand, EHA can more readily assemble a mix of private and public sources, including tax exempt bonds and 4% tax credits, to address the immediate and long-term capital needs of the housing units.

Project Summary

The same development team that is working on EHA RAD I & II, led by Advantix Development Corporation, an affiliated not-for-profit of the Evansville Housing Authority as sole general Partner developer, will complete this effort in addition to construction activities for this property. Other key team members include American Apartment Management Co. for property management, the architect is Myszak and Palmer, Kuhl & Grant provides legal services and Jim Higgs is the financial consultant.

The major investment in these properties preserves affordable housing and meaningfully improves the quality of housing affordable to extremely low-income households.

Property Contact Information:

Phone:812-428-8516
Fax:812.428.8536
Address:1355 Shanklin St, Evansville, IN 47710

Management Contact Information:

American Apartment Management Company:Danyale Coomes, Property Manager
Phone:812-428-8516
Email:fulton.square@aamci.com

Quick Facts

Location:

Evansville, IN

Sources of Funding:
LIHTC:

$6,462,473

221(d)(4)

$4,100,000

IHCDA DFL:

$727,476

Seller Note:

$6,890,000

EHA Loan

$2,000,000

Deferred Fee:

$358,179

Tax Credit Investor:

Alliant Capital

Unit Count:

194

Unit Sizes:

381 SF to 1214 SF

Income Groups Served:

Low Income

Projected & Actual Cost:
Projected Cost:

$18,538,228

Actual Cost:

$18,538,200

Timely Delivery:
Contracted Begin/End

Dec 2017/Dec 2018

Actual Begin/End

Dec2017/Dec2018

Client Reference:

Evansville Housing Authority, IHCDA