JACKSON, Tenn. (Nov. 2, 2018) – With the cutting of a ribbon today, the Jackson Housing Authority (JHA) officially opened its new Kingfield North apartments.
Kingfield North adds 40 units of affordable housing to JHA’s portfolio. Kingfield features one and two-bedroom apartment homes with a porch or patio, central heating and cooling, high-efficiency appliances and washer/dryer hookups. Kingfield also offers residents free water and sewer, free trash pickup, free pest control services, and a computer room with free internet access.
“With the opening of Kingfield North we are able to provide quality housing and supporting services and therefore a better standard of living for more of our neighbors,” said Mark Reid, Executive Director of the Jackson Housing Authority.
Kingfield North was financed in part with a $690,059 Low Income Housing Tax Credit (LIHTC) allocation, which equates to almost $7 million in tax credit equity for a 10-year period. In Tennessee, the LIHTC program is administered by the Tennessee Housing Development Agency (THDA). THDA awards these tax credits annually.
“THDA is proud to invest in projects like this that provide much needed, quality, affordable housing in Jackson,” said THDA Liaison Doreen Graves, who helped cut the ribbon at the celebration.
The LIHTC program was created under President Reagan to help private sector developers finance the construction or preservation of affordable housing. LIHTC properties are required to restrict all or part of their units for residents who earn less than 60 percent of the area’s median income, for a minimum of 30 years.