Evansville Townhomes

Project Summary

Evansville Townhomes preserves and rehabilitates 30 units of affordable housing and creates 30 newly constructed units. The development is located within the city limits of Evansville in Vanderburgh County. 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 50 three-bedroom units and 10 two-bedroom units.

An IHCDA Development Fund Loan was awarded with this RHTC application. Advantix Development Corp. serves as developer and general contractor, deferring a portion of their development fee.

Evansville Townhomes, LP is the owner of Evansville 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 (legal services), Barnes Dennig (accounting services), Myszak & Palmer (design and engineering services), and SJ Development (financial consulting services).

Quick Facts

Location:

Evansville, IN

Requested Sources of Funding:
LIHTC:

$8,799,120

Construction Loan

$1,128,000

Seller Financing

$1,000,000

Development Loan Fund:

$500,000

Deferred Developer Fee:

$268,923

Tax Credit Investor

R4 Capital

Unit Count:

60

Unit Sizes:

885-1128 SF

Demographic Group Served:

Low Income

Projected & Actual Cost:
Projected Cost:

$6,765,000

Actual Cost:

Pending

Timely Delivery:
Contracted Begin/End

July 2019/Aug2020

Actual Begin/End

Pending

Client Reference

Evansville Housing Authority, IHCDA