The ribbon cutting for a $9.3 million renovation at the Three Rivers Garden Apartments on Tamassee Lane was held this week.
“At a time when affordable housing is scarce, it gives all of us who worked on this renovation great pride and satisfaction knowing that 119 Rome families now have a beautiful home that is convenient, welcoming and most importantly, affordable,” said Carey Parker, CEO, LHP Capital.
The makeover included top-to-bottom renovation of every apartment as well as new additions, including a community room with kitchen and computer workstations, playground, outdoor picnic pavilion with tables and grill, designed to make a closer and more inclusive community. The developer was also able to add a washer and dryer to each unit.
Northwest Georgia Housing Authority provided bond financing of $10 million and Georgia Department of Community Affairs allocated 4 percent Low Income Housing Tax Credits and tax exempt bonds for the project.
Additional financing included $8,400,000 of equity through First Tennessee Housing and Sugar Creek Capital and a mortgage of $10,500,000 through Walker & Dunlop.As part of the requirements of the LIHTC financing, the renovated apartments must remain affordable for people with limited incomes for 15 years.