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Land bank agrees to donate 48 parcels to Advantix as part of LIHTC application
Summary
The Evansville Land Bank Corporation approved donating 48 vacant lots to Advantix Development Corporation to support a low-income housing tax credit application, contingent on LIHTC award; the project would create about 51 units and contributes toward the city's 10% local match.
The Evansville Land Bank Corporation voted to donate 48 vacant parcels to Advantix Development Corporation for use in a low-income housing tax credit application, contingent on the developer receiving LIHTC allocation.
Advantix's Brandon Shields, Director of Real Estate Acquisitions, told the Land Bank the scattered-site project would create about 51 living units and that the developer typically priced lots at $500 each.
The land bank staff said the donation could be used as part of the City of Evansville's 10% local match for the tax-credit application. Colby Jackson, City staff, said the city's 10% local match would amount to roughly $1.03 million to $1.04 million by his calculation; an earlier comment in the meeting suggested a higher range of $1.2 million to $1.3 million. Jessica (Land Bank staff) said the land bank has contracted an appraiser to establish parcel values.
Shields said the Advantix proposal would rely on conventional scattered-site infill: "It's pretty similar to some of the other projects from our scattered site projects where we just use the vacant lots, the tax sale lots to do infill development." He described typical building types as three-bedroom single-family homes and duplexes that fit neighborhood scale.
Board members asked about project readiness, cost responsibilities and predevelopment work. Shields said Advantix would cover predevelopment expenses typically required for LIHTC submissions, including appraisals, market studies and phase I environmental assessments. Jackson said the city could contribute via donation of lots, demolition funds, TIF, cash or other sources to meet the local match requirement.
The Land Bank made a motion to accept Advantix's application and to donate the 48 parcels contingent on LIHTC award; the motion passed by voice vote with no opposition voiced on the record.
Why it matters: If the developer receives LIHTC, donated parcels would count toward the local match, helping the application and advancing infill affordable housing in Evansville.
