Boston Capital announced it is investing in the rehabilitation of Cumberland Village Apartments, a 60-unit development for families in Middlesboro, Ky.
The developer is Paducah Housing Services in Kentucky. Wabuck Development Co., also based in Kentucky, will serve as the consultant, and Clayton Watkins Construction Co., a Wabuck Development affiliate, will serve as the general contractor.
Originally built in 1972, Cumberland Village Apartments features 12 one-bedroom, 32 two-bedroom and 16 three-bedroom units located in eight, two-story residential buildings. The apartment community will be available to families earning 60 percent or less of the area median income. Thirteen units will be restricted to households containing at least one resident with mental, physical, or developmental disabilities.
The development will be rehabilitated with low-income housing tax credit (LIHTC) equity.
"Boston Capital is pleased to partner with our friends Garry Watkins and Cal Ross in the rehabilitation of Cumberland Village Apartments, offering critical renovations to units serving Middlesboro's families in need of affordable housing, including many individuals with disabilities," said Jack Manning, president and CEO of Boston Capital, a LIHTC syndicator. "Substantial interior and exterior renovations will add to the desirability of the apartment community."
The rehabilitation of Cumberland Village Apartments will generate $3.3 million in local salaries and create approximately 36 construction jobs in the Middlesboro area.
Boston Capital's investment in the development adds 60 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 4,000 units of affordable housing in Kentucky.