City of Huntsville Welcomes New Housing for Seniors
Neighborhood Concepts recently celebrated the grand opening of Franklin Hills Apartments in Huntsville, Alabama. Conveniently located at 5300 Millennium Drive, just minutes from University Drive and Research Park Boulevard, Franklin Hills offers 1 and 2 bedroom apartment homes for seniors 55 and older.
The construction of Franklin Hills Apartments represents a $7,500,000 investment in the City of Huntsville financed in part with the sale of housing tax credits administered by Alabama Housing Finance Authority and conventional financing from Regions Bank. The City of Huntsville acting through its Community Development Department provided a $250,000 construction loan through the HOME Investment Partnership Program. The HOME program is a federally funded program established in 1990 to encourage the development and preservation of affordable housing. In compliance with HOME and housing credit regulations, apartments at Franklin Hills are reserved for seniors with incomes at 50% – 60% of the area median income.
Franklin Hills offers energy efficient one and two bedroom apartments equipped with microwaves, washer/dryer connections, garbage disposals, ceiling fans, ice makers, cable/internet connections and large balconies with storage. The property also boasts extensive common amenities such as a large clubhouse, game room and fitness center. One bedroom rents range from $445 – $585 and two bedroom rents range from $515-$670.
Franklin Hills was developed by TBG Residential of Atlanta, GA, Guilford Partners of Montgomery, AL and Neighborhood Concepts, Inc., a Huntsville-based non-profit corporation.