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Board approves $1.5M loan and $350K rehab funding for Dale Haven Estates
Summary
The Board authorized a $1.5 million forgivable loan to a developer for Dale Haven Estates and approved a separate $350,000 rehabilitation contract for two units; staff said most project funding comes from HUD and developer equity and noted the city’s ARPA funds will be structured as a forgivable loan.
The Board of Public Works on Dec. 12 approved city authority for a $1.5 million loan to Home Investments Evansville OZ LLC to support the Dale Haven Estates affordable‑housing project and separately approved $350,000 for rehabilitation of units at the same complex.
City counsel and staff said the city loan is a small component of the project capital stack and that most financing comes from the U.S. Department of Housing and Urban Development and developer equity. Staff described the city portion as ARPA funds structured as a forgivable loan with a long term note (staff cited the note coming due around 2066 and indicated it is expected to be forgiven over time).
DMD staff presented a $350,000 contract to rehabilitate 119‑unit Dale Haven Estates, with two rehabilitated units to be designated as home units. Staff said, because the city is contributing $350,000 only, proportionally two units will be designated for continued affordability monitoring during the affordability period.
Board members asked about the financial backing and loan repayment expectations; staff reiterated the arrangement is structured as forgivable ARPA funding and that signatures on loan documents would follow the meeting once authority was granted. The board approved both items by voice vote.
Next steps: staff indicated loan documents would be signed after the meeting and that the departments would continue coordination with HUD and the developer on closing and compliance details.
