WNC & Associates, in partnership with SOCAYR, Inc. and Bywater Development Group, have broken ground on Emery Flats, an affordable housing community in Bowling Green, Ky. The $52 million development will bring 180 affordable homes to the Bowling Green community, intended to serve households earning 60 percent or below of the Area Median Income. The project is expected to be completed by February of 2027.
The project will be financed in part by 4 percent tax credit equity proceeds. It is also funded by both a tax-exempt and taxable tail construction loan from HOPE of the Midwest, a consortium of banks formed 14 years to ago to help provide low-income communities build affordable housing through flexible financing. A Cedar Rapids Bank and Trust permanent loan is another component of the financing, as are $8.6 million in Community Development Block Grant – Disaster Recovery funds.
Rebuilding and recovering
Emery Flats is one of 11 developments—among them two others co-developed by SOCAYR and Bywater and closing at the same time as this project—that are helping Bowling Green recover from a pair of tornadoes that ravaged Western Kentucky in late 2021. These developments garnered a combined $223 million in funding to support the rebuilding of storm-affected communities in the region.
Encompassing a half dozen three-story buildings, Emery Flats will feature a blend of 45 one-bedroom, 90 two-bedroom and 45 three-bedroom apartment homes. Features and finishes of homes will include electric ranges, dishwashers and in-unit washer-dryers.
READ ALSO: 3 Effective Strategies for Preserving Housing Affordability
Apartments will also feature central air conditioning, ceiling fans, carpet and composite flooring, window blinds, large walk-in closets and controlled access with key fob entry for additional security. Select residences will also offer private patios or balconies.
Among Emery Flats’ interior common-area amenities will be a clubhouse with community kitchen and business center. Outside, a common patio, grilling area and walking paths will provide settings for residents to gather. Their recreational needs will also be served by a playground, pool, dog park and basketball court. Bicycle racks, supplemental storage, parcel kiosk for secure deliveries and 272 surface parking spaces round out the community’s amenity offerings.
Development continues apace in the Bluegrass State’s other asset classes, as well. Three months ago, construction commenced on MXWL, a 277-unit, 655-bed student housing development to serve students at the University of Kentucky in Lexington
The post JV Launches Construction of Kentucky Affordable Housing appeared first on Multi-Housing News.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com