$11 million Senior Housing Development Coming to Jacobsville Neighborhood of Evansville
‘Baker Flats’ will offer affordable housing to seniors 55 and above in studios and one and two bedroom units across from The Forge on Main
The sound of ceremonial shovels hitting dirt is a familiar sound lately in Evansville.
Tuesday morning was another exciting ground breaking — this time for seniors — and like the Forge on Main apartments across the street — will be modern and affordable.
Matt Gadus is chief investment officer at House Investments, the developer.
“If you look at a market study that there's a need for affordable, affordable housing in senior affordable housing in Jacobsville in Evansville as a whole,” he said. “So there's been a lot of new construction and development done on the affordable side, but not many at the senior level.”
There will be 52 units, including studios and one and two bedroom apartments. They’ll cost from $350 to $750, depending on the renter’s percentage of Adjusted Median Income (AMI.)
Units are reserved for seniors making from 30 to 60 percent of AMI, and will be similar to the style and design of the units across the street at The Forge on Main.
These prices were made possible by a loan, and tax credits purchased by the Indiana Housing and Community Development Authority (IHCDA). Jerri Bain is director of real estate lending with the IHCDA.
“Essentially, that's the only thing that makes it available to lower income people,” she said. “Because a lot of a big chunk of the money it takes to build them is from the sale of the tax credits versus having to borrow the money.”
The project was granted a $500,000 loan and $8.6 million in tax credits from the IHCDA.
The developers plan to cater to low-income seniors, but also senior veterans and those experiencing homelessness and provide services for them, Gadus said.
“… transportation, utility assistance, financial literacy training, Meals on Wheels, foster grandparent, to name a few, but we're really excited about that aspect of the project.”
Gadus says occupancy at the latest, will be in spring 2024. Construction is expected to take 12 months.