EVANSVILLE, Ind. (WFIE) – City of Evansville officials announced a landmark investment in Grandview Tower to support a comprehensive rehabilitation of the 47-year-old, 170-unit senior community, preserving and extending its affordability while making significant improvements to residents’ homes and the property.
“Our neighborhoods are the heart of our city, and we hear our residents when they tell us that we need more affordable housing” said Mayor Stephanie Terry. “Everyone deserves a safe, quality, home they can afford, and projects like this help us move closer to that goal.”
Officials say the $1.075 million investment from the City of Evansville comes as affordable housing developer The Mainstreet Group, in partnership with Sena Affordable Communities, assumes ownership of Grandview Tower and undertakes the broader rehabilitation and preservation of the property.
They say the project is being financed through a combination of public and private resources, including 4 percent Low-Income Housing Tax Credits and tax-exempt bonds…