Groundbreaking for New Senior Apartments in Alabama Will Help Meet Significant Demand
To celebrate the groundbreaking for Country Club Estates in Montgomery, AL, community members and financing partners—including NeighborWorks Capital’s Senior Loan Officer Emily Dorfman—joined developers Gulf Coast Housing Partnership (GCHP) and Volunteers of America Southeast (VOASE).
The $12.6 million project will transform a vacant site in Montgomery into 62 new one-and two-bedroom apartments for seniors with incomes of $32,000 to $40,000 (50-60% AMI), with 16 apartments set aside for veterans and four for disabled individuals. NC has committed a $680,000 permanent loan for the development, which will help meet the significant demand for high-quality affordable homes for seniors and individuals with disabilities.
GCHP initially requested $500,000 to assist their application for a 9% LIHTC from Alabama HFA. After the LIHTC award and commitment from a LIHTC equity investor Stratford Capitol and construction lender BBVA, GCHP increased their loan request to a $680,000 permanent loan.
“GCHP has had a strong relationship with NeighborWorks for a number of years, and discussed various financing products with the NeighborWorks Capital team while conceptualizing the Country Club Estates project,” said Michael Hellier, GCHP project analyst. “Their flexibility, engagement, and support from the project’s inception through initial closing was vital to the project’s feasibility.”
In addition to providing high quality, affordable, and environmentally friendly senior housing, the project will contribute to the revitalization of Montgomery’s Mid-Town community. While GCHP is not a full member of the NeighborWorks America network, they have been a high-impact partner for the Southern Region office since their founding in 2006, after Hurricane Katrina devastated so much of the Gulf Coast.
“Strong community partnerships are the foundation of Gulf Coast Housing Partnership’s approach to sustainable community revitalization,” said Kathy Laborde, President and CEO of GCHP.
VOASE purchased the site near its Montgomery facility in 2006 and is working with the Gulf Coast Housing Partnership as a co-guarantor on the construction and permanent financing for the project, and provided assistance in securing 9% LIHTC.
About Gulf Coast Housing Partnership
GCHP is a mission-based real estate development organization founded in 2006. It focuses on creating healthy and sustainable housing and commercial developments in the Gulf South. GCHP has created or preserved over 2,800 quality affordable homes in Louisiana, Alabama, Texas, and Mississippi since its inception. To learn more, visit www.gchp.net.
About Volunteers of America Southeast
Volunteers of America Southeast (VOASE) began serving the community in 1980 through the operation of three group homes for people with developmental disabilities. A charter member of Volunteers of America, VOASE provides services across Mississippi, Alabama, and Georgia. Today, in addition to intellectual and developmental disabilities programs, VOASE serves veterans, low-income seniors, children and youth, homeless, and people with addictive diseases and mental illness. To learn more, visit www.voase.org.