By Don Steen ~ Staff Writer • [email protected]
ROCKPORT – The Rockport Common Council met in regular session Thursday evening, December 14. This would be Councilman Ferman Yearby’s last official meeting before leaving the council, and it proved to hold a great deal of potential for the local housing market.
Tim Martin, CEO of Advantix Development Corp., an Evanville-based nonprofit that helps develop and operate affordable housing units across the state, was on hand. Advantix currently manages more than 1,400 units in Indiana.
Martin explained that Advantix seeks out tax credits and other state funding opportunities to help finance affordable housing development. A unique state program will become available next year, and Spencer County is one of only six other rural counties that meet the qualifications for this funding opportunity.
As the City of Rockport has recently acquired property with the goal of developing new homes, Martin said the community was an ideal candidate. Rockport being just next door to Evansville certainly helps as well.
“Rockport is a neighbor,” he said.
If the application is successful, Advantix hopes to build around 40 three-bedroom housing units. These buildings would be stylized to fit a historic aesthetic, possibly based on New Orleans or other major river cities. These apartments would encompass at least 1,248 square feet of living space.
Plans also call for the installation of playground areas, green space, and other amenities within walking distance of the housing development. This would lend itself to the development’s target demographic of younger, low-income families.
For example, a qualifying renter would be a family of four with an income of around $70,000 a year. Martin noted that this would likely apply to many civil servants, as well as young professionals just getting started in their careers.
Advantix would partner with a private investor that would own the development for a period of 15 years, after which time renters will have the option to buy their homes outright. Long-term tenants could receive significant discounts based on how long they’ve been paying rent.
Councilwoman Donna Lashley asked what kind of investor Advantix regularly works with, specifically if foreign investors would be sought. Martin said Advantix will only entertain partnerships with domestic entities.
Martin was not asking for any firm commitments from the council that evening, but he did request approval to begin working up an application for state support. He noted Rockport likely has many advantages that state administrators will look upon favorably, but there are ways to improve the city’s odds.
For example, if 10% of the total project costs could be raised through local sources, that would likely demonstrate a greater commitment to the project. The actual details of the project will be discussed later as the application progresses.
Read more on this story in this week’s issue of the Spencer County Leader!
Featured Image: A diagram showing what the expected Rockport Housing Development would look like
