Grand Reopening of Ridgeveiw Apartments
Elected officials and community leaders joined the Gallatin Housing Authority (GHA) last Friday for the grand reopening of Ridgeview Apartments in Gallatin. This renovation was funded in part by more than $3 million in Low Income Housing Tax Credit (LIHTC) proceeds.
Ridgeview Apartments is the first mixed financing development project undertaken by GHA, which has been promoting affordable housing since 1952. In addition to the LIHTC funding administered by the Tennessee Housing Development Agency (THDA), this project was financed by Boston Financial Investment Management and Reliant Bank.
Ridgeview Apartments is comprised of 38 duplex units in 19 buildings that vary in size from one to four bedrooms. The development also features four units with accessibility features for persons with disabilities, a new playground, and a community computer room. In addition to Ridgeview Apartments, GHA operates nearly 500 housing units in Gallatin, Carthage, and South Carthage.
"In Middle Tennessee more and more people are looking for rental housing, and we're already facing an alarming shortage of affordable rental housing as it is," said THDA Executive Director Ralph M. Perrey. "It's never been more important for investors, developers, and policy makers to understand how the Low Income Housing Tax
Credit is used to build and restore affordable rental units so that we can have a healthy balance of rental properties for all incomes within our communities."
LIHTC is a federal program administered in Tennessee by THDA to incentivize the private sector to build and maintain affordable rental housing.
For more information about the Low Income Housing Tax Credit program, visit THDA.org.
Article courtesy of The Gallatin News
Published: May 26, 2016