Central Lofts Project Awarded $1.1 Million in Tax Credits

For Immediate Release

YMCA Building original entrance 2012The City of Evansville learned today that a major housing project in downtown Evansville was awarded $1,149,319 in Tax Credits by the Indiana Housing and Community Development Authority (IHCDA). 

The Central Lofts project will renovate and transform the 1913 Shopbell YMCA building on Fifth Street into 64 income based apartment units. The total project cost of $13,092,518 will bring much needed affordable living units into the downtown area. 

The project was considered a Promise Zone project and was credited with additional points in the competitive Tax Credit funding round.  The project developer is Jon Anderson Inc. an Indianapolis developer with a local partner ECHO Housing Corporation who will provide case management for 14 permanent supportive housing units in the development. 

1913 Postcard of the YMCA buildingCrestline Communities which has an Evansville presence, will manage the property.  Anderson will purchase the historic YMCA building from the Y, which has its own new development with Regional Cities coming in the near future.

Mayor Lloyd Winnecke lauded the news and said.” 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. 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 first occupancy targeted for early 2020.

Questions may be referred to Kelley Coures, Executive Director of the Department of Metropolitan Development 812-436-7806.