Hamilton Herald Masthead

Editorial


Front Page - Friday, April 5, 2013

Grand opening for new tax credit apartments




Congressman Chuck Fleischmann, 3rd district (far right, holding the ribbon), made brief remarks Tuesday afternoon at the ceremonial opening of Alton Place Apartments.  The 88-unit complex received an allocation of low-income housing tax credits to reduce the development costs so the apartments could be affordable to households earning no more than 60 percent of the area median income.  This affordable property competes with the market rate units in the area, featuring a gated entrance, clubhouse, swimming pool, community room, fitness center, high energy efficiency, walk-in closets, and utility rooms in each unit with washers and dryers provided.  The rent for a two-bedroom unit is $545 for a family of four that earns $34,800 or less. The allocation from this affordable housing program, administered by the Tennessee Housing Development Agency, is for $1,030,000 in tax credits each year for 10 years.  Mike Hedges and H. David Hayes of H&H Residential Development are the developers of Alton Place Apartments, which are managed by Fourmidable. (David Laprad)