Boston—Boston Capital is taking on an affordable housing project for seniors, investing in the construction of Easton Place, a 32-unit apartment community for seniors in Bowling Green, Ky. Housing Assistance and Development Services Inc. (HANDS Inc.) will develop the project and Wabuck Development Co. Inc. will serve as consultant—both companies are based in Kentucky. The project is expected to generate $3.5 million in local salaries and create 36 jobs in the Bowling Green area.
The project will be built with $3.4 million in tax credit equity from the Low Income Housing Tax Credits (LIHTC) program. Homes will be available to seniors ages 62 and older earning 60 percent or less of the Area Median Income (AMI) and 20 units will be set aside for families with incomes at or below 50 percent AMI. An additional two units will be fully handicapped accessible and equipped.
“We are extremely excited to partner with Deborah Williams and Garry Watkins in this investment which will create 32 affordable homes for a fast growing population of seniors needing housing in Bowling Green,” said Jeff Goldstein, COO & director of real estate at Boston Capital. “The unit design, convenient location and amenity package will contribute to its competitive position in the marketplace.”
Easton Place will have four one-story buildings with 54 parking spaces. Amenities will include a clubhouse/community room, onsite management and community kitchen.
Boston Capital isn’t new to the affordable housing arena, with investments in nearly 4,000 affordable apartments in Kentucky. The company is also one of the largest owners and investors of apartment properties in the United States, with nearly 140,000 apartment homes at a development cost of more than $16.1 billion.
Image courtesy of Boston Capital