AHFA’s latest Development Spotlight shines on Cadence Point in Enterprise. In 2017, Cadence Point (originally The Boulevard) restructured its 1995 HOME Investment Partnerships Program loan and received an allocation of additional Housing Credits for rehabilitation efforts.
Rowlett & Company, LLC acquired this expired HOME development in 2016 from the previous owner Boulevard, Ltd., utilizing Housing Credits from AHFA, a construction loan from Auburn Bank, and investment with Raymond James Tax Credit Funds, Inc. The funds were used to renovate all 48 units in the development. They also added a community building with a computer center, resurfaced the entire parking lot, and added a covered picnic area as well as a bus stop shelter.
“Having the ability to extend the HOME loan into a new loan with AHFA and the availability of additional Housing Credits for renovation [enabled us] to take this aging project and make it like new again,” said owner Ann Marie Rowlett.
All of the units are now modernized and up to code. The parking lot is brand new, with new playground equipment and a beautiful community room for the residents to use. All of the sidewalks and common areas have been brought up to current ADA standards. The complex is now on par with other newer developments in the area.
“This program has allowed us to make this property more competitive in the market, more beautiful and comfortable to the tenants, and more attractive for the City of Enterprise, all while keeping the rents affordable for the targeted population,” said Rowlett. “There is no way that we would have ever been able to afford to make such an impactful renovation while keeping the rents affordable without this program from AHFA. We hope to continue to provide affordable housing with this development for the next twenty years.”
Village at Hixon Pond
An open house was held at the Village at Hixon Pond on January 31, 2019. This is a 56-unit property.
Village at Mill Creek
The Alabama Affordable Housing Association (AAHA) hosted an Open House for the Village at Mill Creek in Millbrook, Alabama, on December 5, 2017. This is a 56-unit property reserved for seniors and owned by the Community Action Partnership of North Alabama. The Bennett Group served as development consultant.
Mountain View Village
Mountain View Village, a project completed in late 2017 in partnership with the Columbiana Housing authority, held an open house. Ray Melick, district director for Congressman Gary Palmer, as well as Fred Bennett and others, spoke at the event.
Shiloh, a project of the Alabama Council on Human Relations, Inc., was completed in September, 2017. This is a 56-unit duplex apartment community for seniors. An Open House was held November 14, 2017, and was hosted by the Alabama Affordable Housing Association (AAHA).
Check back soon to see more of our recently completed properties.
Check back soon to see more of our projects under construction.
Cadence Point, formerly known as The Boulevard Apartments, will involve the renovation of a 56-unit family property in Enterprise, Alabama, using tax credits. Construction is expected to start in the winter of 2017.
Trinity Lake will be a 56-unit family property located in the Phenix City area, using tax credits and HOME funds provided by the AHFA. Construction is expected to begin in early 2018.
Village at Rock Springs
This is a project sponsored by the Community Action Program of North Alabama, Inc. It will be a senior community of duplexes with carports located in Moody, Alabama. The Bennett Group is serving as development consultant. It is expected to begin construction in early 2018.
Katherine Ham Joins The Bennett Group
The Bennett Group is welcoming Katherine Ham as our new Office & Assistant Accounting Manager. Katherine was previously Head of Member Services at the non-profit American Association of Bovine Practitioners.
Stephens Becomes Acccounting & Human Resources Manager
Penny Stephens has been named head of Human Resources and Accounting Manager as of January 1, 2017. In her new capacity, Penny will handle the company’s insurance, 401k and profit sharing, cashflow management and a variety of bookkeeping responsibilities. Prior to her promotion, Penny served three and a half years as our Office Manager and Accounting Assistant.