February 13, 2007
New Apartment Complex Offers Affordable Housing in Fort Payne
MONTGOMERY—Forty Fort Payne elderly are now living in better housing thanks to the Alabama Housing Finance Authority’s HOME Investment Partnerships Program (HOME).
The newly constructed Deer Ridge Apartments, developed by Kevin Abbott of Deer Ridge Associaties, Ltd., provides 40 units for low- to moderate-income elderly in the area. The complex was built with the benefit of $1.3 million in HOME funds. In compliance with HOME regulations, 40 percent of the units are reserved for residents making 50 percent or less of the local median income, while 60 percent of the units are reserved for tenants earning 60 percent or less of the local median income. An individual can earn up to $18,960, while the limit for couples is $21,720.
The HOME program, administered in Alabama by AHFA, is a federally funded program created in 1990 as part of the Cranston-Gonzalez National Affordable Housing Act (NAHA). Through the HOME program, participating jurisdictions, such as the State of Alabama, receive annual allocations which are used to buy, repair or build affordable housing.
AHFA Executive Director Robert Strickland said he is pleased with the results produced by the HOME program. “The HOME program has helped us make great strides in addressing the lack of affordable housing in the state,” he said. “We’re here to assist elderly like these 40 in Fort Payne.” Since its inception, the HOME program has funded more than 8,000 multifamily units in Alabama.
To stretch Alabama’s HOME allotment, AHFA combined the funds with Housing Credits, which offer developers a dollar-for-dollar reduction in their federal tax liability. The Dekalb County complex was funded in part by $252,210 in Housing Credits. Regions Bank of Scottsboro provided $217,600 in additional funding for the development.
AHFA, established by an act of the Alabama Legislature in 1980, is a public corporation dedicated to improving the quality of affordable housing for low- to moderate-income Alabamians. Its programs have provided opportunities for more than 90,000 families to live in homes they can afford.
Media Contact: Amber Moore, 334.244.9200