EVANSVILLE – City government said a major housing project Downtown was awarded nearly $1.15 million in tax credits by the Indiana Housing and Community Development Authority.
The Central Lofts project will renovate and transform the 1913 Shopbell YMCA building on Fifth Street into 64 income-based apartment units, according to the city. The total project cost is $13 million.
The project’s location within Evansville’s Promise Zone gave it additional points in the competitive Tax Credit funding round, city officials said.
The developer is Jon Anderson Inc. of Indianapolis, whose local partner is ECHO Housing Corp. ECHO will provide case management for 14 permanent supportive housing units in the building.
Cresline Communities, which has an Evansville presence, will manage the property. Anderson will purchase the historic YMCA building from the Y, which is planning its own new Downtown redevelopment project with Regional Cities funding.
“Not only is this development important in terms of much-needed affordable housing in the city, but it is also a big win for Evansville’s Promise Zone which focuses part of its mission on creating quality housing for low-income individuals,” Mayor Lloyd Winnecke said in a release. “It is also a win for the Downtown Master Plan which calls for new housing opportunities and increased residential population in the urban area.”
The project timeline is to begin construction in late 2018, with the first occupancy targeted for early 2020.