KOKOMO SUPPORTIVE HOUSING –
SARGENT PLACE

Project Summary

Sargent Place creates 35 newly constructed units for permanent supportive housing.  The development is located within the city limits of Kokomo in Howard County. The rent levels for the project are as follows: 9 units of 30% area median income (“AMI”) rent level; 9 units of 50% AMI rent level. The balance of the units will be at or below 60% AMI.  Unit sizes consist of 5 one-bedroom units (all at 30% of AMI), 20 two-bedroom units (4 at 30% of AMI, 9 at 50% of AMI, 7 at 60% of AMI), and 10 three-bedroom units (all at 60% of AMI). We are requesting project-based rental assistance for all 35 units, as all of our prospective tenants are at very low income levels.

A Housing Trust fund grant, a HOME loan, and an IHCDA Development Fund Loan are being requested with this RHTC application. Advantix Development Corp serves as developer and general contractor, deferring a portion of their development fee.

Trailside Commons, LP is the owner of the Trailside Commons. 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 Co., Kuhl & Grant (provides legal services), Barnes Dennig (providing accounting services), SRKM Architecture (design and engineering services), and SJ Development  (financial consulting services).

Quick Facts

Location:

Kokomo, IN

Requested Sources of Funding:
LIHTC:

$6,071,393

Housing Trust Fund Grant

$400,000

Construction Loan

$4,900,000

HOME Loan:

$400,000

Development Loan Fund:

$500,000

Deferred Developer Fee:

$37,785

Tax Credit Investor:

R4 Capital

Unit Count:

35

Unit Sizes:

506-912 SF

Demographic Group Served:

Low Income / Special Needs

Projected & Actual Cost:
Projected Cost:

$7,409,178

Actual Cost:

Pending

Timely Delivery:
Contracted Begin/End

Oct 2019/Oct2020

Actual Begin/End

Pending

Client Reference

Kokomo Housing Authority, IHCDA