AUBURN, Ala., June 13, 2013 /PRNewswire/ -- Today officials joined local dignitaries and the Auburn community to celebrate the grand opening of Grace Ridge, a new affordable housing development of 56 homes for families at or below 50 percent of the area medium income (20 percent of the units) and 60 percent of the area medium income (80 percent of the units).
The garden-style complex is comprised of eight buildings with 40 two-bedroom and 16 three-bedroom homes featuring Energy Star appliances. Located approximately two miles from Auburn University, the development features a clubhouse with an array of solar panels that is saving the property approximately $2,000 per year, computer center with wireless Internet access, fitness center, gazebo, and a picnic area with grills.
Enterprise Community Investment, Inc. (ECI) provided $7.7 million in equity, the Alabama Housing Finance Authority provided $1.4 million in HOME funds from the Department of Housing and Urban Development, The Alabama Multifamily Loan Consortium provided approximately $600,000 in a permanent loan, $971,043 in Low Income Housing Tax Credit (Housing Credit) and AuburnBank provided the $6.8 million construction loan.
"Grace Ridge will provide healthy, environmentally friendly homes for hardworking Alabama families," said Charles Werhane, president and CEO of Enterprise Community Investment, Inc. "These affordable homes, which would not have been possible without HUD HOME funds and financing from the Low Income Housing Tax Credit program, are a great example of how the public and private sectors can work together in an efficient, fiscally responsible, way to empower Alabamans to thrive."
This is Enterprise's third project with the Alabama Council on Human Relations and the ninth project with Bennett & Company.
Enterprise is a national organization that believes opportunity starts with a good home that you can afford. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $13.9 billion in equity, grants and loans to help build or preserve 300,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.org and www.EnterpriseCommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
Enterprise Homes, Inc. has completed more than 5,000 affordable and market-rate homes and rental residences in communities throughout the mid-Atlantic region. Enterprise collaborates with nonprofit and for-profit housing organizations, community groups, as well as city and county agencies to produce high quality housing, creating vibrant mixed-income communities.
SOURCE Enterprise Community Investment, Inc.