Country Club Cottages Creates 32 New Affordable Homes for Seniors in Thomasville, Alabama

"The financing and preservation of decent and affordable housing is central to Enterprise's mission," said Charles R. Werhane, vice chairman and chief operating officer, Enterprise Community Investment, Inc. "Through public-private partnerships like this one, we are able to ensure that seniors can remain in the communities they love with easy access to family and friends, and vital community resources."

Country Club Cottages received nearly $3.1 million in Gulf Opportunity Zone (GO Zone) tax credits and more than $1 million in HOME Loan financing from the Alabama Housing Finance Authority as well as $160,000 from the Federal Home Loan Bank ofAtlanta. The Gulf Opportunity Zone Act of 2005 provided the five states directly impacted by hurricanes --Louisiana, Mississippi,Alabama,Texas andFlorida -- with increased allocations of low-income housing tax credits and Community Development Block Grants to build affordable housing. Regions Bank provided nearly $2.9 million in construction financing along with permanent debt. In addition, Enterprise syndicated the $2.95 million equity investment in Country Club Cottages.

InAlabama, Enterprise has financed more than $52 million to rehabilitate or develop nearly 600 units of affordable housing.

"The city ofThomasville is pleased that Bennett and Company and its project partners chose to invest inThomasville," said Sheldon Day, mayor of Thomasville. "The Country Club Cottages are an asset to our community, enhancing the quality of life for our senior citizens."

Country Club Cottages offers 12 one-bedroom and 20 two-bedroom apartments with up to 937 square feet of living space. The wood-framed buildings have four to six units each, and one building includes a community room, management office and coin-operated laundry facility. Each apartment has a covered veranda and the site also has a gazebo and recreation area. Clubhouse amenities include an entertainment room with television, a reading room, computer room and kitchen.

"We've rarely worked with a community as supportive asThomasville," said Judy Van Dyke, developer, Bennett and Company. "We're delighted that the Cottages are nested between one ofThomasville's most prestigious neighborhoods and the main shopping areas, close to the support and services needed by our residents."

Since 1967, The Bennett Group has developed innovative projects to shelter families, enhance neighborhoods, and meet the objectives of owners and investors in six southern states. Partnering with local non-profit organizations and local and state government, the Bennett Group has utilized its unique expertise, resources and professional relationships to produce more than 2,500 apartments. The company also develops single-family subdivisions and commercial properties.

Enterprise Community Investment, Inc. is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Enterprise has privately raised over $9 billion to finance more than 240,000 affordable rental and for-sale homes, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

SOURCE Enterprise Community Investment, Inc.

Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze, Daily News

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