For Leasing Information, Call: (334) 749-0480
Winner of the 2010 Charles L. Edson Tax Credit Excellence Award
Jordan’s Gate was developed in partnership with Greater Peace Community Development Corporation, a local nonprofit active in the Jeter community–an area of Opelika targeted by the city for revitalization. Jeter has a rich history in the “Craftsman” period. The 48 three and four bedroom homes are on spacious lots and feature nine foot ceilings, solid wood cabinetry and granite countertops. The entire development was designed to re-create the spirit of community and gracious living of the Craftsman period. It includes a large, irrigated community vegetable garden.
In addition, this unique development was designed to create a homeownership ‘incubator’. Residents will have very affordable rental rates for a period of 15 years and are given an option to purchase their home at the end of the tax credit compliance period for a price agreed upon at the beginning of their lease. During this ‘incubation’ period, they will receive an annual credit against the sales price and homeownership counseling. At the end of the tax credit compliance period, current residents have the option to purchase their home.
This project used low-income housing tax credits provided by the Alabama Housing Finance Authority (AHFA). Equity was provided by Enterprise Community Partners and debt provided by Enterprise Mortgage Investments.