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Council approves up to $250,000 gap funding for Phoenix Apartments; councilor recuses on HUD matters
Summary
The council approved up to $250,000 in subordinate gap funding from the Affordable Housing Fund to Hope of Evansville for the 40-unit Phoenix Apartments acquisition, contingent on additional acquisition financing; Councilwoman Hatfield recused from HUD funding decisions because of a familial tie to a grant recipient.
The Evansville Common Council voted March 30 to provide up to $250,000 in subordinate gap funding from the Affordable Housing Fund to Hope of Evansville to assist the acquisition of the Phoenix Apartments, a 40-unit complex at 1163 Covert Avenue.
City staff explained the allocation is gap funding: Hope must secure additional acquisition financing, including federal HOME funds, before city…
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