Redevelopment Commission OKs $180,000 conditional Jacobsville TIF pledge for 44-unit Advantix project

The Evansville Redevelopment Commission on July 15 approved Resolution 25 ERC 16 to authorize a $180,000 commitment from Jacobsville tax-increment financing (TIF) funds to Advantix Development Corp. for River City Homes, a scattered-site, affordable housing project that would create 44 units if awarded federal low-income housing tax credits.

The pledge is conditional on Advantix receiving a 9% low-income housing tax credit allocation. Tim Martin, executive vice president of Advantix, told the commission the River City Homes proposal represents about a $13,000,000 investment in and around the Jacobsville neighborhood and that the developer is seeking to assemble a roughly 10% local match to qualify for points in the tax-credit scoring process.

The commission’s approval followed a detailed presentation and questions from members about geographic eligibility for Jacobsville TIF funds, the timing of the tax-credit application, and how the project’s homeowner conversion and affordability rules will work.

Why it matters: Jacobsville TIF funds are intended to support redevelopment in the Jacobsville redevelopment area, and several commissioners raised concerns that only a small share of the project parcels are inside the TIF boundary. Staff and counsel advised that TIF can…