Two Indiana developers have received approval from the Kentucky Housing Corporation for a $8.2 million project to transform the historic Audubon School into affordable senior housing.
Equal Development LLC and the Olynger Corp. will create 49 housing units (30 one-bedroom apartments and 19 two-bedroom apartments).
The existing façade will be reused in combination with new construction of a three-story elevator building.
The total development cost will be $8,269,796. The equity generated by the sale of housing credits will be $7,032,000.
“Affordable senior housing is an area that has been identified in both our Henderson Vision Plan and The Millennial Plan for 2040 from the Sustainable Evansville Area Coalition as a need for the community,” City of Henderson Mayor Austin said. “It is exciting to see the project get funded and it will certainly be an enhancement to other projects that we have seen taking root in the East End.”
The building was built in 1906 and named for James John Audubon, a famous ornithologist and artist who built the first house in the area of Henderson.
The school served children until 1976 when a boil explosion caused structural damage.
The developers said the building will recreate the feeling of the old school, with displays of treasures “the team can afford to preserve.”