FREMONT, Neb., July 20, 2015 /PRNewswire/ -- Gardner Capital Development in Central City has been awarded a reservation of Low Income Housing Tax Credits from the Nebraska Finance Authority's (NIFA's) competitive application process to develop Fountain Springs Estates, a $5 million rental housing project consisting of 16 two- and three-bedroom duplexes for seniors, located south of 29th Street and west of North Yager Road.
Construction of the units will begin in October 2016, with completion expected in January 2017. Fountain Spring Estates GP, LLC, an affiliate of Gardner in Nebraska, will be the managing member and the City of Fremont Housing Authority will serve as project manager. Over 10 years, Gardner will receive $4,269,800 in Low Income Housing Tax Credits from NIFA. The City of Fremont will provide additional funds in the form of Tax Increment Financing to be used for infrastructure improvements to the site.
"Providing quality, affordable housing for seniors is an integral component and a driving force behind our mission at Gardner," said Chris Lenz, vice president of development for Gardner Development, Midwest Region. "Everyone deserves a stable, safe and quality home and we are excited to part of this effort in Fremont."
When completed, Fountain Springs Estates will consist of 24 two-bedroom and eight three-bedroom units. All 32 units can be leased to residents earning at or below 60 percent of area median income. Four of the units, designed for physically handicapped residents, will meet all UFAS requirements for accessibility. Units will include attached garages, storm shelters, and appliances. Walking trails and a gazebo will adjoin the lake just south of the property. Once completed, Fountain Springs Estates will also provide lawn care, snow removal, trash service, monthly transportation, annual cleaning and wireless internet, for residents.
About Gardner Capital
Gardner Capital focuses on development, investment and syndication of tax credits for affordable housing, historical rehabilitation and renewable energy projects with hundreds of operating companies nationwide. Since 1992, Gardner has invested more than $600 million of equity in affordable housing alone. Most recently, Gardner Capital introduced renewable energy production facility development and investment into its operating portfolio, bringing online 37 megawatts of solar generation across six solar facilities in North Carolina in 2014. The principals, Mark Gardner and Michael Gardner, continue to expand the footprint of market rate and affordable housing as well as renewable energy with nine offices and staff across the United States. Visit www.gardnercapital.com for more information.
SOURCE Gardner Capital Development