| In 2005, Cloverdale Apartments was a very ‘tired’ property. Most of the old Mansard style roofs were deteriorated. Windows and doors were obsolete and site amenities had long since ceased to be useful. The property was owned by a local non-profit that lacked the funds to make necessary repairs.
Thanks to the work and vision of Joel Peek, the Bennett Group developed a solution for this property. Fifteen units were converted from two-bedroom townhouses to three-bedroom townhouses. All major systems were replaced including heat and cooling, water heaters, kitchen cabinets and appliances, flooring, bathrooms, new windows and doors and paved parking and landscaping. A new 2800 sq. foot community building, gazebo and playground were also added. Residents now have access to a fitness center, a computer lab and comfortable gathering areas. Free wireless internet is also provided throughout the property. The results are extraordinary, as these ”before and after “ photos reveal.
This project used low-income tax credits with equity from Enterprise Community Partners, a grant from the Federal Home Loan Bank and a subsidized advance mortgage from Federal Home Loan Bank through Regions Bank in Birmingham.
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