John F. Kennedy Tower

Kennedy Tower is a welcoming community with plenty to offer its residents. It’s located in the booming downtown area of Evansville near the new stadium. It’s also conveniently close to both a Wesselman’s Supermarket and a Buehler’s Buy Low, as well as several churches. A freshly renovated lobby and brand new covered drive-up area makes the property a joy to visit, and there’s a bus stop right outside the building to make transportation even easier.

The community is friendly and generous offering a lunch meal program through SWIRCA and a church dinner 3 times a week. The church also provides shopping transportation for residents. Security is also a strong point of the residence, evidenced by the secure entry system, a good relationship with local police and fire protection, and 911 emergency lines in the lobby and elevators.

Property Specifications

Kennedy Towers offers income-based housing. All units are furnished with a refrigerator and central air conditioning. Phone, television, and Internet services are available through Insight or AT&T.

The property has 7 units with 2 bedrooms, 43 units with 1 bedroom, and 50 efficiency units. There are laundry facilities located on-site for resident use.

Property Contact Information

Phone:812-428-8520
Fax:812.436.4762
Address:315 S. E. Martin Luther King Jr. Blvd.
Evansville IN, 47713

Management Contact Information:

American Apartment Management Company:Donna Letson, Property Manager
Phone:812-428-8520
Email:donna.letson@aamci.com

Project Summary

Public housing units across the country need more than $26 billion in repairs. HUD refers to these repair costs as capital needs. Congress has not provided enough funding for PHAs to keep up with capital needs. As a result, PHAs have had to make tough choices between things like repairing roofs and replacing plumbing—or worse, demolishing public housing. RAD provides PHAs a way to rehabilitate, or repair, units without depending on additional money from Congress.

This allows us to use the tax credits to leverage private funding, as well as other sources of private investments, to perform $17.6 million in needed repairs during Phase 1 of RAD. Just as importantly, this approval helps to ensure ongoing funding for public housing property maintenance and repair.

Unique features include a new state of the art geothermal heating a cooling system which will provide a more energy efficient method of heating and cooling for our residents.  This system will reduce the overall operating expenses for the project and improve the quality of our living spaces for our residents.

This project was financed by the sale of low-income tax credits, energy tax credits, a HUD insured 221(d)(4) mortgage, IHCDA Development Funds, deferred development fee, and seller financing,  Operations is funded by Project Base Housing Choice Vouchers and tenant paid rents.

Quick Facts

(Kennedy & Buckner Combined Project)

Location:

Evansville, IN

Sources of Funding:
LIHTC:

$10,791,405

Energy Credits

$461,610

221(d)(4)

$5,022,700

IHCDA DFL:

$1,000,000

Seller Note:

$6,690,000

EHA Capital Loan:

$3,250,000

EHA Loan

$800,000

Deferred Fee:

$2,245,867

Tax Credit Investor:

Alliant Capital, Ltd.

Unit Count:

100

Unit Sizes:

770 SF

Income Groups Served:

Low Income

Projected & Actual Cost:
Projected Cost:

$30,261,681

Actual Cost:

Pending

Timely Delivery:
Contracted Begin/End:

May 2016/Sept 2017

Actual Begin/End:

May 2016/Dec 2017

Client Reference:

Evansville Housing Authority, IHCDA