Kokomo – Trailside Townhomes
Trailside Townhomes creates 45 newly constructed units for affordable lease purchase housing. The development is located within the city limits of Kokomo in Howard County. The rent levels for the project are as follows: 12 units of 30% area median income (“AMI”) rent level; 11 units of 50% AMI rent level. The balance of the units will be at or below 60% AMI. Unit sizes consist of 45 three- bedroom units.
Project Summary
A HOME grant and an IHCDA Development Fund Loan were awarded for this project. Advantix Development Corp serves as developer and general contractor, deferring a portion of their development fee.
Trailside Townhomes, LP is the owner of the Trailside Townhomes. 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, (property management). Kuhl & Grant (provides legal services), Myszak & Palmer (design and engineering services), and SJ Development (financial consulting services).
Quick Facts
Location:
Kokomo, IN
Sources of Funding:
LIHTC:
$742,500
HOME Loan:
$200,000
Development Loan Fund:
$5,000,000
Deferred Developer Fee:
$310,000
Tax Credit Investor:
PR Mortgage & Investments
Unit Count:
45
Unit Sizes:
1282 SF
Demographic Group Served:
Low Income
Projected & Actual Cost:
Projected Cost:
$7,300,000
Actual Cost:
Pending
Timely Delivery:
Contracted Begin/End
Feb 2019 / Mar 2020
Actual Begin/End
Feb 2019/Pending
Client Reference:
Evansville Housing Authority, IHCDA