Marion is a quaint southern city situated in central Alabama that offers residents a setting where nearly every attraction is within a twenty-minute walk. Because of this, families love to settle in and make Marion their permanent home. Unfortunately, affordable housing is hard to come by - there are very few Low Income Housing Tax Credit (LIHTC) properties nearby and all of them average an occupancy rate of 100%. With limited affordable housing options available for families in Marion, it is critical that the existing properties are preserved and remain LIHTC developments.
Jackson Village is an existing family development in Marion that underwent significant renovations as part of the rehabilitation and preservation of the property. The 42-unit rental community consists of two- and three-bedroom options and is targeted to family households earning below 60% of the Area Median Income. The rehabilitation of Jackson Village included the addition of energy-efficient features such as Vinyl Energy compliant windows, Energy Star rated appliances and fixtures, and WaterSense labeled low-flow plumbing. The community also received exterior upgrades such as a covered bus stop, a new playground and picnic area, updated roofing and siding, and landscaping.
Acquisition/Rehab: 42 Units
Private Equity Investment: $4,579,046
Local Jobs Supported: 19
Local Government Revenue: $90,000
Bennett & Company, LLC, an affiliate of The Bennett Group, partnered with CAHEC as the developer for Jackson Village. The Alabama-based company has more than five decades of experience developing and preserving low-income housing properties in the south. As the property manager, Hollyhand Companies, Inc. will oversee daily operations at Jackson Village. With more than 5,000 units under its management, Hollyhand Companies, Inc. is an organization that specializes in managing multi-family rental communities.
With nearly half of all American households facing the challenge of being cost-burdened - spending over 30 percent of their incomes on housing – it is increasingly important to not only create new affordable housing but continue to preserve the existing LIHTC developments across the country. The enhancements made to Jackson Village will help ensure that local families have access to housing that is both safe and affordable well into the future.