New Senior Housing Coming to Montgomery
Community members and financing partners joined developers Gulf Coast Housing Partnership and Volunteers of America Southeast to celebrate the groundbreaking for the new Country Club Estates development. The $12.6 MM project is transforming a formally vacant site on Country Club Dr. in Montgomery into 62 new one-and two-bedroom apartments for seniors – with special set-asides for veterans and individuals with disabilities.
In addition to providing high quality, affordable, and environmentally friendly senior housing, the project will contribute to the revitalization of Montgomery’s Mid-Town community.
“Strong community partnerships are the foundation of Gulf Coast Housing Partnership’s approach to sustainable community revitalization,” said Kathy Laborde, President and CEO of Gulf Coast Housing Partnership. “We are thrilled to be here today to celebrate the tangible result of those partnerships as we break ground on the Country Club Estates project in the Mid-Town community.”
Country Club Estates is a partnership between nonprofit developers Gulf Coast Housing Partnership and Volunteers of America Southeast.
“We are excited to work in union with Gulf Coast Housing Partnership to bring much needed housing to the elderly and veterans in Montgomery,” said Wallace Davis, CEO of Volunteers of America Southeast. “We are extremely grateful to the various financing entities that have made this development possible. I would be delighted for my mother or any relative to have the opportunity to live in this new development with amenities and services to help them lead active and social lives.”
The development is financed with an Alabama Housing Financing Agency tax credit allocation, lending through NeighborWorks Capital, a capital contribution from Volunteers of America Southeast, equity investments through Stratford Capital, construction financing from BBVA, and $500,000 in Affordable Housing Program funding from the Federal Home Loan Bank of Atlanta – through its member institution, BBVA.
“We are proud to provide financing to support the creation of new affordable housing for seniors and veterans in Montgomery,” said Emily Dorfman, Senior Loan Officer for NeighborWorks Capital. “We look forward to continuing to work with Gulf Coast Housing Partnership and Volunteers of America Southeast into the future.”
“The Country Club Estates development represents an ongoing commitment by BBVA,” said Bruce Crawford, Montgomery CEO for BBVA. “It is our mission to bring the age of opportunity to everyone, and we consistently seek out partners like Gulf Coast Housing Partnership, Volunteers of America and the City of Montgomery to help build stronger, better communities. We were especially proud to sponsor the project’s application with the Federal Home Loan Bank of Atlanta.”
The general contractor for Country Club Estates is White-Spunner Construction and the architect is Christian & Associates Architects.