ECHO Housing Corporation is pleased to announce the groundbreaking celebration of Garfield Commons on Wednesday, April 19, at 11 a.m. Garfield Commons is a 47-unit multifamily complex and three single-family homes to be constructed on the southwest corner of Garfield and Virginia Streets in the Jacobsville Neighborhood of Evansville, IN.
This project is a culmination of work by a number of people and organizations throughout the community with the stated objective of improving one of the oldest and hardest hit neighborhoods in Evansville. Garfield Commons represents a shining example of the neighborhood collaboration, the redevelopment of a brownfield, the solution for an identified crime hotspot, and an anchor for the continued improvements being sought for the area.
The effort was successful due to the key partnerships involved in the inception and execution of this project. Garfield Commons represents an $8 million investment in the local neighborhood and will be built to LEED Platinum standards. The project was designed in partnership by VPS Architecture, W/Purpose and Efficient Energy Technology. Development consulting services were provided by Crestline Development, LLC and Indiana Housing Consultants. The project will be constructed by Crestline Construction, LLC.
Garfield Commons will be underwritten by an award of tax credits from the Indiana Housing and Community Development Authority, funding from the City of Evansville, construction lending by Old National Bank and equity provided by Cinnaire.
IHCDA administers and manages the tax credits, which provide incentives for private developers to further the affordable housing choices available throughout Indiana. The 2016 statewide Tax Credit allocation totaled $14.3 million and will fund over 800 housing units including Garfield Commons.
Cinnaire is a full-service community development financial partner that supports community stabilization and economic development by developing and nurturing partnerships with investors and mission-focused organizations such as ECHO Housing Corporation.