Knoxville Multifamily Development Wins HUD Accolade
- May 10, 2011
Knoxville–The under-construction Residences at Eastport in Knoxville has been chosen by HUD as a Region IV Signature Project under the federal Sustainable Communities Initiative. The initiative, which is administered by HUD, seeks to promote sustainable properties in places with nearby job opportunities, schools and transportation.
The Residences at Eastport is a 60-unit multifamily development for seniors earning 60 percent or less of the area median income. All of its residences will be one-bedroom, one-bathroom units located in four one-story buildings. The property is also being developed with various energy- and water-efficiency features so that, when it’s completed this fall, it will be LEED-certified Green Homes.
“Because the Residences at Eastport was built according to LEED guidelines, it will provide a superior living environment for tenants,” Laura Surdel, vice president of acquisitions at Boston Capital, tells MHN. Boston Capital provided tax-credit equity for the property’s development through the Low Income Housing Tax Credit program. Other funding for the project came through a combination of local and federal grants, including HUD Capital Funds.
“The sustainable development and unit design plans allow for an abundance of natural light, which reduces the number of interior lighting fixtures,” Surdel continues. “The exterior courtyards provide outdoor community space where residents can plant their own gardening beds, creating a sense of ownership and home that might not otherwise be experienced in an affordable housing development for seniors.”
Ground was broken for the property in Oct. 2010 by Knoxville’s Community Development Corp., the developer, on the site of historic Eastport School. The school, founded around 1870, is thought to be the first school for African Americans in Knoxville’s Eastport neighborhood. The development is transforming the historic brick building into part of the Residences at Eastport, with the architectural design of new property preserving the façade of the old school.