Country Club Cottages Creates 32 New Affordable Homes for Seniors in Thomasville, Alabama
Thomasville, Ala. – (May 7, 2008) – The Alabama Housing Finance Authority, Bennett and Company, and Enterprise Community Investment, Inc. (Enterprise) today celebrated the grand opening of Country Club Cottages, 32 newly constructed affordable homes for seniors earning 50 percent or less of area median income in Thomasville, Alabama. Country Club Cottages is located at 705 Cogle Street and features a village-like atmosphere with six one-story buildings and a clubhouse. The community is located on six acres of land adjacent to a development of single-family homes currently under way. The $4.3 million project is in Clarke County and close to Thomasville area senior centers, hospitals, retail, transportation and other community services. Thomasville Mayor Sheldon Day joined the project partners to welcome seniors to their new homes.
“The financing and preservation of decent and affordable housing is central to Enterprise’s mission,” said Charles R. Werhane, vice chairman and chief operating officer, Enterprise Community Investment, Inc. “Through public-private partnerships like this one, we are able to ensure that seniors can remain in the communities they love with easy access to family and friends, and vital community resources.”
Country Club Cottages received nearly $3.1 million in Gulf Opportunity Zone (GO Zone) tax credits and more than $1 million in HOME Loan financing from the Alabama Housing Finance Authority as well as $160,000 from the Federal Home Loan Bank of Atlanta. The Gulf Opportunity Zone Act of 2005 provided the five states directly impacted by hurricanes – Louisiana, Mississippi, Alabama, Texas and Florida – with increased allocations of low-income housing tax credits and Community Development Block Grants to build affordable housing. Regions Bank provided nearly $2.9 million in construction financing along with permanent debt. In addition, Enterprise syndicated the $2.95 million equity investment in Country Club Cottages.
In Alabama, Enterprise has financed more than $52 million to rehabilitate or develop nearly 600 units of affordable housing.
“The city of Thomasville is pleased that Bennett and Company and its project partners chose to invest in Thomasville,” said Sheldon Day, mayor of Thomasville. “The Country Club Cottages are an asset to our community, enhancing the quality of life for our senior citizens.”
Country Club Cottages offers 12 one-bedroom and 20 two-bedroom apartments with up to 937 square feet of living space. The wood-framed buildings have four to six units each, and one building includes a community room, management office and coin-operated laundry facility. Each apartment has a covered veranda and the site also has a gazebo and recreation area. Clubhouse amenities include an entertainment room with television, a reading room, computer room and kitchen.
“We’ve rarely worked with a community as supportive as Thomasville,” said Judy Van Dyke, developer, Bennett and Company. “We’re delighted that the Cottages are nested between one of Thomasville’s most prestigious neighborhoods and the main shopping areas, close to the support and services needed by our residents.”
Since 1967, The Bennett Group has developed innovative projects to shelter families, enhance neighborhoods, and meet the objectives of owners and investors in six southern states. Partnering with local non-profit organizations and local and state government, the Bennett Group has utilized its unique expertise, resources and professional relationships to produce more than 2,500 apartments. The company also develops single family subdivisions and commercial properties.
Enterprise Community Investment, Inc. is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Enterprise has privately raised over $9 billion to finance more than 240,000 affordable rental and for-sale homes, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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Terri Bolling
Enterprise
410.772.2449
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Tara Massey
Bennett & Company, LLC
334.321.0529
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May 9, 2008 |
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