William G. Schnute Apartments
Property Specifications
Schnute Apartments offers income-based apartments, all of which come with appliances including heating and air conditioning. Phone, cable television, and internet services are available through Insight communications, and meal services are available through SWIRCA.
The complex has a 2 bedroom unit, 23 units with 1 bedroom, and 91 efficiency units. There are laundry facilities located on-site for resident use.
Contact Information:
| Phone: | 812-428-8531 |
| Fax: | 812.436.4752 |
| Address: | 1030 W. Franklin St. Evansville, IN 47710 |
Management Contact Information:
| American Apartment Management Company: | Schiocka Roach, Property Manager |
| Phone: | 812-428-8531 |
| Email: | schiocka.roach@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
(EHA RAD I)
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:
115
Unit Sizes:
770 SF
Income Groups Served:
Low Income
Projected & Actual Cost:
Projected Cost:
$30,261,681
Actual Cost:
$30,261,680
Timely Delivery:
Contracted Begin/End:
May 2016/Sept 2017
Actual Begin/End:
May 2016/Dec 2017
Client Reference:
Evansville Housing Authority, IHCDA