HOPE of Evansville announced this month it was awarded $1.2 million in low-income housing tax credits from the Indiana Housing Community Development Authority (IHCDA).
HOPE expects to sell those credits to an investor to raise the nearly $12 million dollars needed to fund its next affordable housing project: 60 units in the Tepe Park, Goosetown, and Culver neighborhoods.
“We believe projects like this inspire community growth and attract small businesses to the area,” said HOPE Executive Director Josh Case. “We have worked in partnership with NRP Group out of Cleveland and extensively with Kelley Coures from the Department of Metropolitan Development and Carolyn Rusk from the Evansville Land Bank to develop a community development plan that will really improve the community.”
HOPE of Evansville and NRP Group have worked in partnership previously for Homes of Evansville I and experienced great success. In 2012, HOPE and NRP received $1 million in tax credits, which it then sold for $10 million. That money was used to build the first 40 units of income-restricted housing in Goosetown, Culver, and Tepe Park.
“To earn tax credits again so soon is a testament to the success we had in Homes of Evansville I,” said Case. “I am constantly pointing out which houses were built with the first round of tax credits and people in our community are amazed at the quality of housing we provided and the way we have changed so many lives. Many of those who live in round 1 homes have begun developing their own small businesses or saving for retirement.”
HOPE of Evansville II was up against 47 projects from around the State of Indiana. Among the 14-statewide tax credit recipients Evansville Housing Authority also received an award.
“The next step for HOPE is to continue working with other agencies to see how we can have this make a tremendous impact in Evansville,” said Case. “We want to continue to make improvements in the Jacobsville area as well and this project will only boost our capabilities in Jacobsville.”
“Our goal is that we will be starting a new project in Jacobsville in partnership with the Department of Metropolitan Development to build our first home in that neighborhood very soon. This is the first of many projects to come.”