New Affordable Housing Community for Seniors Opens
- May 09, 2008
By Erika Schnitzer, Associate EditorThomasville, Ala.–Country Club Cottages, a new 32-unit affordable housing community for seniors, has officially opened. The six-acre development is comprised of six one-story buildings and a clubhouse.The project, developed by Auburn, Ala.-based Bennett & Company, is for adults 55 and older earning 50 percent or less than the area median income (AMI). Move-ins began in February and the project is approximately 60 percent occupied. “There’s a pretty high demand for affordable housing for 55 and older,” says Judy Van Dyke, a partner at Bennett & Company. Thomasville is a community comprised of about 6,000 people, and the project cost over $700 per person living within city limits. Thus, Van Dyke believes, “It will increase property value in the immediate neighborhood. Any time you have a community this small, spending that amount has to have some positive impact.”The $4.3 million development features 12 one-bedroom and 20 two-bedroom apartments of up to 937 sq. ft. The price for a one-bedroom unit is $260 and $335 for a two-bedroom unit. Clubhouse amenities include an entertainment room, reading room, computer room, washer and dryer, kitchen, outdoor gazebo and community garden. Additionally, each unit has safety pull-cords in the bedrooms and bathroom.The project was financed with Low-Income Housing Tax Credit (LIHTC) equity funds from Enterprise Community Investments Inc., Gulf Opportunity Zone (GO Zone) from the Alabama Housing Finance Authority, construction and permanent financing from Regions Bank, and subsidized and unsubsidized funds from the Federal Home Loan Bank of Atlanta.