HENDERSON, Ky. (WEHT) – A new affordable housing project coming to Evansville will get a major property tax break from the city.
A document filed with the clerk’s office indicates The Reserve at Eastfield has received a payment in lieu of taxes that will see the 240-unit complex pay $2,000 a year, increasing at 3% for 30 years. The $52.5 million project has also received a per-commitment for a $5 million READI 2.0 grant from the state.
Officials with Louisville based Eastfield Reserve LLC say the complex will be built at 3200 North Burkhardt Road. Documents show Evansville Mayor Stephanie Terry and city council members approved the payments to improve and increase affordable housing options within the city…