NCI Plans Affordable Housing for Seniors in Huntsville
Neighborhood Concepts, Inc. recently submitted an application to Alabama Housing Finance Authority for an allocation of tax credits to develop The Cottages at Indian Creek, an affordable multifamily community for seniors in Huntsville. The planned community located adjacent to Willowbrook Baptist Church’s Madison campus will provide 56 much-needed affordable units for persons 55 and older earning 60% or less of the area median income.
The Harvard Joint Center for Housing Studies (HCHS) projects that the number of U. S. adults age 65 and older will grow from 48 to 79 million over the next two decades. By 2035, JCHS expects that 50 million households, 1 out of every 3 in the U.S., will be headed by someone age 65 or older. Affordability and accessibility are needed to allow this senior population to age in place. Unfortunately, the existing housing stock is ill-suited to meet the housing needs of this growing population. According to a recent market study commissioned by Neighborhood Concepts, the Huntsville market has a current need for 230 additional affordable and accessible housing units for low-to-moderate income seniors.
The Cottages is designed to meet those needs offering affordable 1 and 2 bedroom units and common amenities including a clubhouse, computer center, outdoor picnic areas and a fitness center to encourage active daily living. All units will be equipped with emergency pull cords and several units will be built to be readily accessible to individuals with mobility impairments and/or sensory impairments.
The City of Huntsville has committed a $225,000 subsidized loan to support the development of The Cottages and Neighborhood Concepts has also applied for a $200,000 grant from The Home Depot Foundation that would allow NCI to set-aside 12 units for elderly veterans in the community. NCI expects to hear in June whether or not the development was awarded the tax credits necessary to develop the property. If successful, NCI expects that construction would begin in late fall of 2018.