Corydon School Senior Lofts

Corydon School Senior Lofts creates 45 units for seniors with 25 of those via an adaptive reuse of the local historic school with 20 newly constructed units on the same site. The development is located within the town limits of Corydon in Harrison County. The rent levels for the project are as follows: 9 units of 30% area median income (“AMI “) rent level; 10 units of 40% AMI rent level; 13 units of 50% AMI rent level. The balance of the units will be at or below 60% AMI. Unit sizes consist of 23 two bedroom units, 18 one bedroom units and 4 efficiencies.

Quick Facts

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Location: Corydon, IN
Sources of Funding:
LIHTC: $8,574,000
HTC: $984,000
GP Capital: $100
HOME Loan: $400,000
Development Loan Fund: $800,000
Deferred Developer Fee: $244,228
Tax Credit Investor: R4 CAPITAL
Unit Count: 45
Unit Sizes: 546 SF to 890 SF
Projected & Actual Cost:
Projected Cost: $11,000,700
Actual Cost: Pending
Timely Delivery:
Contracted Begin/End Oct 2017/Dec 2018
Actual Begin/End Pending
Client Reference: Evansville Housing Authority, IHCDA

Project Summary

A HOME grant and an IHCDA Development Fund Loan are being requested with this RHTC application. Advantix Development Corporation serves as co-developer and General Contractor and Andy Myszak serves as architect and also as a co-developer. A limited partnership will be the owner of the Corydon School Senior Lofts. ADVANTIX owns 100% of the general partner entity of the Limited Partnership. In addition to ADVANTIX, the rest of the experienced development team includes: American Apartment Management, property management, Kuhl & Grant (provides legal services), Myszak & Palmer, design and engineering services, and McKinley Development LLC for financial consulting services.