NeighborWorks Columbus for Solstice Senior Housing
Location: Opelika, AL
Loan Amount: $485,000
Loan Type: Interim Development
Project Description: Solstice Senior Housing is a 56-unit multi-family rental project consisting of three bedroom units for seniors at 50% AMGI. This interim development loan was used to fund acquisition of the property in Opelika, AL.
With an NC loan NW Columbus was able to purchase the land in order in advance of the state funding application to demonstrate readiness. Due to this factor the project was funded in the first round! These newly constructed duplex homes for seniors have two bedrooms, two bathrooms and carports and are close to services including banking, a hospital, and shopping and were completed and ready for leasing less than 18 months from land purchase. All 56 apartments are affordable to households earning 50% or less of AMI.