When Elmington Capital Group decided to invest $29.9 million dollars into an affordable housing apartment complex in Knoxville, Tennessee they hired Shapiro & Company Architects to do the design. "It's refreshing when a company spends the time to understand the goals and vision of a project and then takes the responsibility of execution seriously. Shapiro & Company has gone above and beyond in every phase of the development, from a blank page through construction," according to Cary Rosenblum from Elmington.
The project has 172 units of affordable housing including 84 one bedroom units, 51 two bedroom units and 37 three bedroom units. It's designed for residents whose annual income is at or below 60 percent of the Knoxville area median income. Affordable is defined as costing the renter no more than 30 percent of household income.
Elmington took advantage of federal and local funding, securing funding from a variety of sources including $540,000 from the U.S. Department of Housing and Development HOME funds; $360,000 from the city’s Affordable Rental Development Fund; low-income housing tax credits; and private equity financing by Berkadia Bank. Knoxville’s Community Development Corporation will provide housing vouchers for 60 of the units allowing renters with lower incomes to qualify for housing.
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