| Avondale
Gardens brought 64 attractive one- two- and three-bedroom
rental units to one of Birmingham’s older neighborhoods
in critical need of affordable housing. The property
was the recipient of the “Maxwell Award of Excellence”
from the Fannie Mae Foundation for the best affordable
multifamily development in 2004.
We assembled 22 parcels of vacant or abandoned
lots in a two block area for this in-fill development.
The sponsor, Aletheia House, worked with the neighborhood
council and architect Jeremy Erdreich, to develop
housing designs architecturally consistent with
those in the area. Two architectural vernaculars
were used: one, more urban for the larger three
story buildings along the commercial corridor of
3rd Avenue South; the other for duplex, triplex
and quadraplex buildings consistent in their “look”
with the existing neighborhood residences along
2nd Avenue South. One neighbor commented “the
property blends into and lifts its surroundings.”
Indeed, since its completion, Avondale Gardens has
inspired several other property owners to renovate
and invest in this neighborhood.
This
project used low-income tax credits with equity
raised by the Enterprise Social Investment Corporation,
debt provided by the Housing Enterprise of Central
Alabama and AmSouth Bank, and grants from the Ciity
of Birmingham and the Federal Home Loan Bank of
Atlanta.
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