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Advisory committee approves $250,000 commitment for River City Homes contingent on LIHTC award
Summary
The committee approved a $250,000 reservation for Advantix Development Corporation’s River City Homes project — a scattered‑site, 44‑unit affordable homeownership development — contingent on the project meeting the LIHTC program’s local‑match requirements.
The Affordable Housing Trust Fund Advisory Committee voted to reserve $250,000 for River City Homes, a scattered‑site affordable homeownership development proposed by Advantix Development Corporation and presented by Tim Martin. The award is contingent on the project receiving Low‑Income Housing Tax Credits (LIHTC) and meeting LIHTC local match requirements.
Tim Martin, representing Advantix Development Corporation and citing collaboration with the Evansville Housing Authority, told the committee River City Homes would yield 44 affordable homeownership units made up of duplexes and single‑family houses on lots previously held by the land bank. Martin said donated lots from the land bank are being counted toward the LIHTC 10 percent local match and estimated the donated lots’ appraised value at about $500,000.
Martin said the project is roughly an $11 million development and the requested trust‑fund contribution would help fill the city’s portion of the required local match for the LIHTC application. Committee members asked about community amenities such as a proposed community vertical garden and about partnerships with local gardening organizations; Martin described prior resident services, maintenance training and greenhouse programs used by his team on other properties.
Motion and vote: The committee approved the reservation of $250,000 for River City Homes, contingent upon LIHTC award and the 10 percent local match arrangement. The motion was moved by Melissa Stinson and seconded by Ruth Metzger; the motion carried by voice vote with no recorded opposition or abstentions.
Committee discussion noted the scattered‑site approach keeps affordable homeownership from concentrating in a single neighborhood and that the land bank donation helps the project’s competitiveness in the LIHTC scoring process.
