GALLATIN, Tenn. (Nov. 2, 2018) – With the cutting of a ribbon today, Gallatin Housing Authority officially opened its new, 100-unit, Sumner Gardens apartments.
The property, managed by Enfeild Management, features, two and three-bedroom apartment homes, with spacious walk-in closets, central heating and cooling, and washer/dryer hookups. Sumner Gardens also offers residents a community room, playground, splash pad, grill area, and a computer center.
“Affordable housing is truly a valuable commodity throughout this country.We are extremely honored to include Sumner Gardens as a housing choice for families whose lives are affeced by rent burden.This community is a shining example of what a public-private investor partnership collaborating together can accomplish,” said Michael Bates, Executive Director of the Gallatin Housing Authority.
This property was financed in part with a $1,019,995 Low Income Housing Tax Credit (LIHTC) allocation, which equates to over $10 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.
“Sumner Gardens is a beautiful example of what affordable housing looks like in Tennessee,” said THDA Liaison Denise McBride, who helped cut the ribbon at the celebration. “THDA is proud to invest in projects like this that provide much needed, quality, affordable housing in this community.”
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.