The Indiana Housing and Community Development Authority (IHCDA) announced that Advantix Development Corporation has been awarded $742,500 in Rental Housing Tax Credits (RHTC). The purpose of the RHTC is to incentivize private developers and investors to provide affordable housing options.
Advantix will construct Trailside Townhomes, 45 new units of affordable housing on Kokomo’s south side. The $7.3 million development will be located at two locations, 601 Rickets Street and 1124 S. Union Street, near the Industrial Heritage Trail.
“This project fits what are we trying to accomplish with urban infilling and revitalizing neighborhoods,” said Mayor Greg Goodnight. “It redevelops property on the (Industrial Heritage) Trail, offering connectivity for the residents, while providing greatly needed affordable housing.”
The application by Advantix scored the highest of the 47 submitted proposals and was only one of 17 to receive funding. Advantix Chief Operating Officer Tim Martin is pleased with his company’s high score.
“Being awarded the highest score by the state was the result of the hard work our team put into the application,” Martin said. “We are very excited about the opportunity to invest in Kokomo and bring quality housing to the city.”
The development comes as a result of efforts by the Kokomo Housing Authority (KHA) as well.
“KHA has and will aggressively pursue opportunities to provide more affordable housing options for our community,” said KHA CEO Deb Cook. “KHA is excited to partner with Advantix Development Corporation to build affordable housing units that will be available as rent-to-own.”
In total 17 projects will receive just over $14.4 million in RHTCs and $5.5 million in additional funding from the Development Fund, HOME and Housing Trust Fund. The developments will provide more than 800 additional units of affordable housing options for residents throughout Indiana.