READI 2.0 Lilly Endowment Inc. Blight Redevelopment
Project Summary:
Crawford Door involves the historic registration and rehabilitation of the Crawford Door building
in addition to a new construction component for a combined total of approximately 139 affordable
and workforce housing units and approximately 10,000 square feet of commercial space to serve
neighborhood focused organizations. This project will transform the existing, vacant
and blighted building and neighboring land into a vibrant, walkable, mixed-use project that will
create a true quality of place setting adjacent to historic Bosse Field, Garvin Park, and the
Deaconess Aquatics Center. Crawford Door has been mostly vacant in over ten years and had multiple
owners during that period.
Developer: House Investments, LLP
LEI Blight Award: $5M
Total cost: $ 37,059,000
% Breakdown:
- LEI Blight: 19.97%
- Public: 46.25%
- Private: 33.78
Match Sources: LIHTC, Equity Historic Tax Credit, Equity PILOT – City of Evansville, City of
Evansville soft funding (HOME, Affordable Housing Trust Fund, etc.) Development Fund Loan – IHCDA
as part of LIHTC application, Permanent Loan, private equity in commercial space
Potential Roadblocks: Tax credit awards - Timeline:
December 2024 – Application submission to IHCDA January 2025 – Historic registration application
submitted
February, 2025 – RHTC allocation and TEB allocation from IHCDA June, 2025 – Municipal approvals
completed as required
August, 2025 – Plans and specs completed
October, 2025 – All construction financing, equity, and soft funding sources confirmed November,
2025 – Historic Part II Approval
December, 2025 – Construction closing and subsequent start of construction
July, 2027 – Project completion
Sustainability: Developer will construct, operate and maintain the apartments.
Impact: The project will consist of approximately 130 affordable/workforce housing units utilizing the 4% bond Rental Housing Tax Credit program, Affordable Workforce Housing Tax Credits, State Historic Tax Credits, and Federal Historic Credits Tax. The project will target individuals/households making up to 80% of the Area Median Income in Vanderburgh County. Residents will be near the nearby amenities of Garvin Park, Bosse Field, and the Deaconess Aquatics Center and large employers including Berry Global, Deaconess and CenterPoint.