EVANSVILLE, Ind. (WEHT) – An affordable housing project in the heart of Evansville is taking shape.
“The Homes of Evansville Two” project brings dozens of new options for lower income housing residents.
The project started in late 2019 near Haynie’s Corner and adds 20 single family homes – five duplexes and a 30 unit apartment building to the city’s landscape.
“The only way a poor family attains any sort of equity is through home ownership,” Executive Director for the Department of Metropolitan Development, Kelley Coures.
It’s a $12 million dollar investment spanning several city blocks.
“These types of projects are funded by what are known as tax credits, and they are issued by the federal government to the states and the states issue them in a competitive process,” Coures said. “A developer like the NRP group presents a project for say 60 living units in Evansville, so an advantage for us is we are a promise zone community, so all of this is within Evansville’s promise zone, so there are extra points for being in Evansville’s promise zone.”
Evansville donated $200,000 from money the city receives from federal housing funds a home that is handicap accessible.
The homes are geared for families with low to moderate incomes.
In 2013- a previous project called Homes Of Evansville completed 40 single family homes scattered in the Goosetown and Tepe Park neighborhoods.
Officials say there is still a great need for affordable housing in the city.
“So the need to develop housing like this is geared to a lower income level, the rents are lower, the costs to occupy the unit is lower and in cases of these single family dwellings, the opportunity for home ownership in the long haul comes into play,” Coures said.
The new affordable housing developments also are bringing more private developers to Evansville’s Promise Zone – where more than 22,000 people live. That is a fifth of the city’s population.
The zone has a poverty rate exceeding 39 percent.
Officials say the ripple effects of the project could be felt well beyond this year.
“2021-22 and 2023 are going to be big years for low to moderate income housing,” said Coures.
Finishing touches are underway and officials say residents will start moving in this week and the entire project should be completed in a month.