Clarksville, TN – The Clarksville Office of Housing and Community Development in conjunction with The Vantage Group, LLC will hold a ground-breaking ceremony for The Vinings at Greencastle, an 80 unit apartment complex, on October 24th, 2012 at 10:00am.
The Vinings at Greencastle will be an affordable multi-family housing complex that is designed to accommodate residents 55+ years and up. The complex offers a number of amenities such as a community building, on site management and maintenance and will include an open floor plan and energy efficient appliances.
The City of Clarksville Office of Housing and Community Development is providing HOME funds for the project, and the Tennessee Housing Development Agency (THDA) has issued Low Income Housing Tax credits (LIHTC) for the development.
The units’ rent will meet HUD determined area median income rules. Funding is being provided through an innovative affordable housing investment partnership between UnitedHealth Group, one of the nation’s top health and well-being companies, and U.S. Bank, the fifth largest commercial bank in the United States.
“This project is a unique opportunity for Clarksville. It represents a firm commitment and strong collaboration between private developers and local, state and the federal government,” said Clarksville Mayor Kim McMillan. “By bringing together all of the stakeholders in this kind of development, we can provide safe, accessible and affordable housing to all members of the Clarksville community. We should strive to do no less.”
These units are the first of its kind in Clarksville and will fill a much needed void for elderly housing in the city. The units will also generate local economic development: the one-year impact of an 80-unit tax credit development will be approximately $6,320,000 in local income and $661,600 in local taxes paid. Importantly, according to the National Association of Home Builders, approximately 100 jobs will be created through the project. The City of Clarksville has used its access to federal, state and private resources to develop this project.
It is anticipated that the project will be finalized and ready for residents in about a year.
