Vincennes – River View

River View creates 44 newly constructed units with 22 of those for affordable lease purchase housing. The development is located within the city limits of Vincennes in Knox County. The rent levels for the project are as follows: 11 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 22 three-bedroom units and 22 one-bedroom units.

Project Summary

A HOME grant and an IHCDA Development Fund Loan are being requested with this RHTC application. Advantix Development Corp serves as co-developer and general contractor, deferring a portion of their development fee. Andy Myszak serves as architect and also as a co-developer.

River view Vincennes, LP is the owner of the River View. Advantix owns 100% of the general partner entity of the Limited Partnership. In addition to Advantix as co-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:

Vincennes, IN

Sources of Funding:
LIHTC:

$730,000

HTC:
GP Capital:
HOME Loan:

$400,000

Development Loan Fund:

$500,000

Deferred Developer Fee:

$647,000

Tax Credit Investor:

R4 CAPITAL

Unit Count:

44

Unit Sizes:

682-1486 SF

Income Groups Served

Low Income

Projected & Actual Cost:
Projected Cost:

$8,113,128

Actual Cost:

Pending

Timely Delivery:
Contracted Begin/End

Oct 2019 / Nov 2020

Actual Begin/End

Pending

Client Reference:

Evansville Housing Authority, IHCDA