Boston Capital announced it is investing in the construction of Easton Place, a 32-unit apartment community for seniors in Bowling Green, Ky.
The development is being built by Bowling Green-based Housing Assistance and Development Services (HANDS), with Wabuck Development Co., based in Leitchfield, Ky., serving as a consultant.
Easton Place will be financed with equity from the low-income housing tax credit (LIHTC) program. Homes will be available to seniors 62 years and older earning 60% or less of the area median income (AMI). Twenty units will be available to residents with incomes at or below 50% of the AMI. Two units will be fully handicapped accessible and equipped.
Boston Capital, a housing credit syndicator and real estate investment and advisory firm, is providing $3.4 million in LIHTC equity.
"We are extremely excited to partner with Deborah Williams and Garry Watkins in this investment which will create 32 affordable homes for a fast-growing population of seniors needing housing in Bowling Green," said Jeff Goldstein, COO and director of real estate at Boston Capital. "The unit design, convenient location, and amenity package will contribute to its competitive position in the marketplace."
The development will feature four one-story buildings, with 54 parking spaces. Community amenities will include a clubhouse/community room, onsite management, and a community kitchen. Units will feature air conditioning, dishwashers, and washer/dryer hook-ups.
The construction of Easton Place will generate an estimated $3.5 million in local salaries and create nearly 36 jobs in the Bowling Green area. Boston Capital's investment in this development adds 32 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 4,000 affordable apartments in Kentucky.