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USDA enhances affordable housing in Martin

USDA enhances affordable housing in Martin

Posted: Wednesday, September 21, 2011 9:15 am

USDA enhances affordable housing in Martin | USDA, Chapel Ridge Apartments

USDA presentation to Chapel Ridge Apartments on Thursday
A safe, reliable place to live is a necessity to many people. In Martin, that need was recognized by Martin Housing Associates, L.P., and with the help of the Tennessee Housing and Development Authority (THDA) and USDA Rural Development (RD), they were able to fill that local need.
RD state director Bobby Goode was on hand to announce federal funding in partnership with THDA to assist Martin Housing Associates in acquiring Chapel Ridge Apartments. The $2,930,000 Guaranteed RD Loan was combined with $3,250,212 from THDA and $1,104,000 from Martin Housing Associates to complete the acquisition.
The $6,181,316 investment brings 96 apartments to the area, consisting of 16 one-bedroom, 44 two-bedroom, 36 three-bedroom and 4 four-bedroom units ranging in rental price. The onsite club house, meeting rooms, swimming pool and playground provide a unique opportunity for residents to interact with each other while building the bond of neighbors.
“It’s hard to find safe, affordable housing near work, school, healthcare and community activities,” said Goode. “Chapel Ridge Apartments provides the safety, security and fellowship its residents need which ultimately strengthens the local area.”
For information about Chapel Ridge Apartments, contact Mary Beth Fortner at 587-4888.
“A unique aspect of Chapel Ridge is how close it is to UT Martin,” said Fortner.
“We do have a few openings currently and this community makes an ideal location for families as well as college students.”
Others participating in the event included Sen. Lamar Alexander’s representative Matt Varino, Rep. Stephen Fincher’s representative Dale Hendon, Weakley County Mayor Houston Patrick, Martin Mayor Randy Brundige, Tennessee Department of Community and Economic Development representatives Blake Swaggart and Janna Hellums, Weakley County Chamber of Commerce Executive Director Barbara Virgin, Weakley County Economic Development Board President Ronnie Price, University of Tennessee-Martin Provost Dr. Jerald Ogg, LEDIC Management Group Senior Executive Manager Holly Moore, Quad States Development, LLC Project Manager Terone Hawks and RD area director Harriet Cannon and RD area staff Denese Hicks, Brenda Horner and Van Wylie.
USDA Rural Development invests in jobs, infrastructure, homeownership and affordable rental housing in rural communities. During the last two years the agency assisted more than 1.5 million Tennessee families and businesses, investing more than $1.3 billion through affordable loans, loan guarantees and grants.
For more information on Rural Development programs available in Northwest Tennessee contact the Rural Development Area Office in Union City at (731) 885-6480 ext. 4, toll free at 800-342-3149 ext. 1497 or visit online at www.rurdev.usda.gov/tn.

WCP 9.20.11

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