EHA RAD IV – Fulton Square

The Rental Assistance Demonstration (RAD) allows public housing authorities to tap outside sources of capital by converting public housing properties into project-based rental assistance contracts. The RAD program is an opportunity to address the public housing stocks severe backlog of repairs and other capital needs. Through the RAD program, EHA converts its public housing operating subsidy into long-term project based rental assistance. With that contract in hand, EHA can more readily assemble a mix of private and public sources, including tax exempt bonds and 4% tax credits, to address the immediate and long-term capital needs of the housing units.

Quick Facts

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Location: Evansville, IN
Sources of Funding:
LIHTC: $6,462,473
221(d)(4) $4,100,000
IHCDA DFL: $727,476/td>
Seller Note:/td> $6,890,000
EHA Loan $2,000,000
Deferred Fee: $358,179
Tax Credit Investor: PR Mortgage and Investments
Unit Count: 194
Unit Sizes: 381 SF to 1214 SF
Income Groups Served: Low Income
Projected & Actual Cost:
Projected Cost: $18,538,228
Actual Cost: Pending
Timely Delivery:
Contracted Begin/End Oct 2017/Dec 2018
Actual Begin/End Dec2017/Pending
Client Reference: Evansville Housing Authority, IHCDA

Project Summary

The same development team that is working on EHA RAD I & II, led by Advantix Development Corporation, an affiliated not-for-profit of the Evansville Housing Authority as sole general partneand developer, will complete this effort in addition to construction activities for this property. Other key team members include Flaherty & Collins for property management, the architect is Myszak and Palmer, Kuhl & Grant provides legal services and Jim Higgs is the financial consultant.

The major investment in these properties preserves affordable housing and meaningfully improves the quality of housing affordable to extremely low-income households.

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