An $8.8 million preservation effort ensures that 71 homes will remain affordable for years to come in Ripley, Tennessee.
The Clear Blue Co. (CBC) and its joint-venture partner, Ripley Housing Authority, have completed comprehensive upgrades at Chapel Circle Apartments and Crescent Drive Apartments.
Built in 1962, Chapel Circle offers studio, one-, two-, three-, and four-bedroom homes, while Crescent Drive provides units ranging from one to four bedrooms.
Interior and exterior improvements included new building façades, roofs, windows, and doors, as well as new kitchen cabinetry, interior paint, Energy Star appliances, and flooring.
The project also delivered a new leasing office, laundry room, business centers, and playgrounds for residents.
“We are proud to celebrate this important milestone alongside Ripley Housing Authority, our project partners, and the residents of Chapel Circle and Crescent Heights,” said Nick Ogden, founder and CEO of CBC, a developer, owner, and operator of workforce and affordable housing properties. “These improvements were designed not only to modernize the homes and amenities within these communities, but also to enhance residents’ quality of life and help ensure Chapel Circle and Crescent Heights remain a vital source of affordable housing in Ripley for years to come.”
The communities serve households earning between 30% and 60% of the area median income. The project involved a Rental Assistance Demonstration conversion and Housing Assistance Payment contract bifurcation, supported by a 9% low-income housing tax credit allocation and a National Housing Trust Fund award received by Chapel Circle in 2021.