Avondale Gardens Apartments: Difference between revisions
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The project received funding from the Low Income Housing Tax Credit through the Enterprise Social Investment Corporation. Additional financing was provided by the [[Alabama Multifamily Loan Consortium]] and [[Amsouth Bank]], along with support from the [[City of Birmingham]], the [[Housing Enterprise of Central Alabama]], and the Federal Home Loan Bank of Atlanta. Ten of the apartments are reserved for graduates of substance abuse programs and people being treated for mental illnesses. The remainder are open to households earning up to 60% of the area's median income. The project won a Maxwell Award of Excellence from the Fannie Mae Foundation. | The project received funding from the Low Income Housing Tax Credit through the Enterprise Social Investment Corporation. Additional financing was provided by the [[Alabama Multifamily Loan Consortium]] and [[Amsouth Bank]], along with support from the [[City of Birmingham]], the [[Housing Enterprise of Central Alabama]], and the Federal Home Loan Bank of Atlanta. Ten of the apartments are reserved for graduates of substance abuse programs and people being treated for mental illnesses. The remainder are open to households earning up to 60% of the area's median income. The project won a Maxwell Award of Excellence from the Fannie Mae Foundation. | ||
The complex | The complex was operated by [[Vantage Management]]. | ||
In [[2023]] Aletheia House sold the complex, including the nearby duplexes, to an affiliate of [[The Dobbins Group]] for $6.1 million. The City of Birmingham approved lifting restrictions on the sale which will allow the buyer to market the units as market-rate residences. | |||
==References== | ==References== | ||
* "[http://www.innovations.harvard.edu/sites/default/files/31460.pdf Avondale Gardens]" (2004) Maxwell Awards of Excellence. Fannie Mae Foundation. | * "[http://www.innovations.harvard.edu/sites/default/files/31460.pdf Avondale Gardens]" (2004) Maxwell Awards of Excellence. Fannie Mae Foundation. | ||
* Mathews, June (July 18, 2016) "In the midst of resurgence, Avondale Gardens thrives." | * Mathews, June (July 18, 2016) "In the midst of resurgence, Avondale Gardens thrives." (sponsor content) {{BN}} | ||
* Parker, Illyshia (June 1, 2023) "Nonprofit's multifamily property in Avondale sells for $6.1M" {{BBJ}} | |||
[[Category:Apartment complexes]] | [[Category:Apartment complexes]] | ||
Revision as of 15:55, 5 June 2023
Avondale Gardens Apartments is a 64-unit low-income apartment complex at 4252 3rd Avenue South in Forest Park-South Avondale. It consists of three 3-story apartment buildings along 3rd Avenue and several semi-detached duplexes on 2nd Avenue South. It was developed in 2003 by Aletheia House in partnership with Charter Companies of Auburn. The building's design was created with consulting assistance from Jeremy Erdreich of Erdreich Architecture.
The project received funding from the Low Income Housing Tax Credit through the Enterprise Social Investment Corporation. Additional financing was provided by the Alabama Multifamily Loan Consortium and Amsouth Bank, along with support from the City of Birmingham, the Housing Enterprise of Central Alabama, and the Federal Home Loan Bank of Atlanta. Ten of the apartments are reserved for graduates of substance abuse programs and people being treated for mental illnesses. The remainder are open to households earning up to 60% of the area's median income. The project won a Maxwell Award of Excellence from the Fannie Mae Foundation.
The complex was operated by Vantage Management.
In 2023 Aletheia House sold the complex, including the nearby duplexes, to an affiliate of The Dobbins Group for $6.1 million. The City of Birmingham approved lifting restrictions on the sale which will allow the buyer to market the units as market-rate residences.
References
- "Avondale Gardens" (2004) Maxwell Awards of Excellence. Fannie Mae Foundation.
- Mathews, June (July 18, 2016) "In the midst of resurgence, Avondale Gardens thrives." (sponsor content) The Birmingham News
- Parker, Illyshia (June 1, 2023) "Nonprofit's multifamily property in Avondale sells for $6.1M" Birmingham Business Journal