| Edgewood
Terrace is a 72-unit community containing a mix of
two-story townhouses and stacked garden apartments.
Built in 1996 on the Shug Jordan Parkway Loop around
Auburn, Alabama, this project has enjoyed full occupancy
since it was completed. We were able to locate a very
desirable site at the edge of a Qualified Census Tract
(QCT), which qualified the property for a 30% boost
in tax credits. With the additional equity provided
by the boost in tax credits, we were able to include
a swimming pool and a clubhouse that became a benchmark
in size and amenity level for the program’s
underwriters.
Developers
of affordable housing frequently face opposition
from homeowners nearby worried that the addition
of multifamily housing in their neighborhood will
adversely affect their property values. When Edgewood
Terrace was built, most of the adjoining property
was as yet undeveloped. Five years after Edgewood
was completed, a new single-family subdivision was
built contiguous to Edgewood. This subdivision not
only sold out quickly, but the homes there have
appreciated considerably in the intervening years.
We believe that with the good design, landscaping,
buffering and professional property management,
affordable multifamily housing is a very desirable
“buffer” between more commercial property
and nearby single-family residential neighborhoods.
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