John M. Caldwell Homes

Caldwell Homes & Terrace Gardens maintains a feeling of a small, self-contained community. The complex is conveniently located near most necessities, including Glenwood School and Culver Elementary School, many churches including Zion Missionary Baptist Church, grocery and convenience stores, banks, pharmacies, and everything else you’d expect to find in a small community. There are also plenty of bus stops around the complex for easy access to public transportation.

Caldwell promotes a family atmosphere with a Head Start program for the children of the area, operated by the Community Action Program of Evansville. Caldwell also participates in a YMCA program which has year-round events and tutoring, as well as summer programs and meals. Resident safety is regarded with a high level of importance, as a police liaison officer patrols the area regularly, and the manager’s office is on-site.

Property Specifications

Caldwell Homes & Terrace Gardens offers income-based housing units, all of which come with appliances including central heating and air conditioning. Phone, cable television, and internet services are available through Insight Communications.

There are 180 family units, each with 1-4 bedrooms. All family units also have washer and dryer hookups. There are also 6 efficiency units with access to laundry facilities.

Property Contact Information

Phone: 812.428.8527
Fax: 812.428.8535
Address: 736 Cross St.
Evansville, IN 47713

Management Contact Information

Flaherty & Collins
Jessica Coursey – NALP, CAM, CAPS
District Manager
Phone: 317.816.9300
Email: jcoursey@flco.com

Quick Facts

[ezcol_1half]Location:[/ezcol_1half] [ezcol_1half_end]Evansville, IN[/ezcol_1half_end][ezcol_1half]Sources of Funding:[/ezcol_1half] [ezcol_1half_end]
LIHTC: $3,799,679
Energy Credits
221(d)(4) $2,319,400
IHCDA DFL: $500,000
Seller Note: $3,400,000
EHA Capital Loan:
EHA Loan
Deferred Fee: $897,438
[/ezcol_1half_end] [ezcol_1half]Tax Credit Investor:[/ezcol_1half] [ezcol_1half_end] Alliant Capital, Ltd.[/ezcol_1half_end][ezcol_1half]Unit Count: [/ezcol_1half] [ezcol_1half_end]121[/ezcol_1half_end][ezcol_1half]Unit Sizes:[/ezcol_1half] [ezcol_1half_end]800 SF[/ezcol_1half_end][ezcol_1half]Income Groups Served: [/ezcol_1half] [ezcol_1half_end] Low Income[/ezcol_1half_end][ezcol_1half]Projected & Actual Cost:[/ezcol_1half] [ezcol_1half_end]
Projected Cost: $10,866,5711
Actual Cost: Pending
[/ezcol_1half_end][ezcol_1half]Timely Delivery:[/ezcol_1half] [ezcol_1half_end]Half Column[/ezcol_1half_end][ezcol_1half]Contracted Begin/End:[/ezcol_1half] [ezcol_1half_end]May 2016/Sept 2017[/ezcol_1half_end][ezcol_1half]Actual Begin/End:[/ezcol_1half] [ezcol_1half_end]May 2016/Pending[/ezcol_1half_end][ezcol_1half]Client Reference:[/ezcol_1half] [ezcol_1half_end]Evansville Housing Authority, IHCDA[/ezcol_1half_end]

Project Summary

Public housing units across the country need more than $26 billion in repairs. HUD refers to these repair costs as capital needs. Congress has not provided enough funding for PHAs to keep up with capital needs. As a result, PHAs have had to make tough choices between things like repairing roofs and replacing plumbing—or worse, demolishing public housing. RAD provides PHAs a way to rehabilitate, or repair, units without depending on additional money from Congress. This allows us to use the tax credits to leverage private funding, as well as other sources of private investments, to perform $17.6 million in needed repairs during Phase 1 of RAD. Just as importantly, this approval helps to ensure ongoing funding for public housing property maintenance and repair. Unique features include a new state of the art geothermal heating a cooling system which will provide a more energy efficient method of heating and cooling for our residents.  This system will reduce the overall operating expenses for the project and improve the quality of our living spaces for our residents. This project was financed by the sale of low-income tax credits, energy tax credits, a HUD insured 221(d)(4) mortgage, IHCDA Development Funds, deferred development fee, and seller financing,  Operations is funded by Project Base Housing Choice Vouchers and tenant paid rents.
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