Vincennes – River View

River View creates 44 newly constructed units with 22 of those for affordable lease purchase housing. The development is located within the city limits of Vincennes in Knox County. The rent levels for the project are as follows: 11 units of 30% area median income (“AMI”) rent level; 11 units of 50% AMI rent level. The balance of the units will be at or below 60% AMI. Unit sizes consist of 22 three-bedroom units and 22 one-bedroomunits

Quick Facts

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Location: Vincennes, IN/td>
Sources of Funding:
HTC: $
GP Capital:
HOME Loan: $800,000
Development Loan Fund: $6,000,000
Deferred Developer Fee: $
Tax Credit Investor: PR Mortgage and Investments
Unit Count: 44
Unit Sizes: 682 SF to 1486 SF
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $5,200,000
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

A HOME grant and an IHCDA Development Fund Loan are being requested with this RHTC application. Advantix Development Corp serves as co-developer and general contractor, deferring a portion of their development fee. Andy Myszak serves as architect and also as a co-developer.

A to-be-formed limited partnership will be the owner of the River View. Advantix owns 100% of the general partner entity of the Limited Partnership. In addition to Advantix as co-developer and general contractor, 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 J L H Development LLC for financial consulting services.

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