Oct. 27, 2023 – Local officials and project stakeholders were in Scott County on Friday to help cut the ribbon on the recently completed Bear Creek Apartments in Oneida.
The development, which features a total of 64 units, was built by developer David Hayes with the help of tax credits awarded by Tennessee Housing Development Agency.
THDA allocated over $12 million in Low-Income Housing Credits for the project to help reduce costs and ensure rents are below market rate.
THDA Executive Director Ralph Perrey said developments like Bear Creek are needed to create a positive perception of affordable housing in Tennessee.
“Projects like this change the image of affordable housing and we’re working hard with our tax credit program to provide sustainable, quality housing that anyone would be proud to live in,” Perrey said.
Developer David Hayes said the apartments will be an asset to the local community and its residents.
“The residents are really the reason for these apartments,” Hayes said. “We appreciate the help of not only the local governments here in Oneida and Scott County, but also THDA. We think Bear Creek will be a real asset to the area and provide a quality place to live for residents.”
The complex was opened recently, with nearly half of the units being leased so far. The energy-efficient apartments include a mix of one-, two- and three-bedroom units. The property also features a pool, community building, clubhouse, fitness area and children’s play area. Rents are based on resident income.
THDA administers the Low-Income Housing Credit program in Tennessee. LIHTC is a credit against federal income tax liability each year for 10 years for owners and investors in low-income rental housing. The amount of tax credits is based on reasonable costs of development, as determined by THDA, and the number of qualified low-income units.