“I love seeing this,” said U.S. Rep. Mike Rogers. “This is a great way to nurture people into home ownership.”
All rental homes were built under the Low Income Housing Tax Credit Program. After 20 years as a rental community, Jubilee will convert to a home ownership community. Residents of the community will have an opportunity to buy their home at reduce rates, officials said.
The Bennett Group spearheaded the construction of the new town home apartments, which is adjacent to the Jefferson State Community College campus.
Fred Bennett said the LIHTC program is the most effective way of offering home ownership to low income families, which is a collaborative effort between the public and private sectors.
“We get inspected by everybody, so the product is very good,” Bennett told those who gathered Thursday for the ribbon cutting ceremony at Jubilee.
He thanked the city and former Mayor Bill Hereford for their support.
“Mayor Hereford is a wonderful example of leadership in your community,” Bennett said.
Both the former and current mayor Joe Funderburg attended the ribbon cutting ceremony.
“Normally with a $13 million project it’s full of problems, but there hasn’t been any problem at all,” Hereford said. “I’ve never seen anything like it.”
He welcomed The Bennett Group to Pell City.
“We hope you do more business here,” Hereford said. “This facility is just outstanding, one of the most outstanding projects we’ve had.”
Funderburg said “Jubilee” is an appropriate name for the new development.
“This is a collaborative effort for people who are much deserving,” Funderburg said. “On behalf of the people of Pell City, thank you.”
Officials said the newly constructed 72-unit property off Hazelwood Drive will serve families, who are at or below the area median income.
Jubilee has 47 three-bedroom, 1,400 square-foot two-story town homes and 24 four-bedroom, 1,500 square-foot single story homes.
“I’m pleased to be here to see the finished project,” said Philip Porter with Enterprise Community Investment, which provided $13.3 million in equity for the project.
This is Enterprise’s eighth project with The Bennett Group.
Other officials who attended the ribbon cutting ceremony included Rick Martin and Bill Tilly with Alabama Multifamily Loan Consortium, Inc., which provided $2.6 million in permanent financing for Jubilee.
Martin, president of Alabama Multifamily Loan Consortium, Inc., said the tax credit program is very successful, and in the past 20 years there is less than a half-percent failure rate.
“It’s a very successful program,” Martin said.
Others who attended the ribbon cutting included Judith Van Dyke with The Bennett Group, David Young with the Alabama Housing Finance Authority, which provided $1.5 million in low income housing tax credits, and Tom Braxton with the Organized Community Action Program.
Officials said The Troy Bank and Trust provided the $10 million construction loan.
The new Jubilee property manager is Ellen Bean of Talladega.
Contact David Atchison at email@example.com.