KY: Developers breaking ground on $10M affordable housing project

A $10.4 million affordable housing project is breaking ground Sept. 5 in Florence, Kentucky. Magnolia Glen Apartments, developed by Jonesboro Investments Corp., is a 60-unit, five building development that will be available for lease with rents ranging from $550 to $640 per month. It will have a mix of 45 two-bedroom and 15 one-bedroom units. Representatives from Northern Kentucky Community Action Commission, Kentucky Housing Corp., U.S. Bank and Jonesboro Investments, along with legislators and local officials, will celebrate the start of the project. The new development is supported by a public-private tax credit financing partnership. Kentucky Housing Corp. allocated tax credit to the project to generate the capital needed to subsidize the development, allowing all untied to rent at below-market rates. U.S. Bank provided both debt and equity for the project, including a $7 million construction loan and a $9.8 million Affordable Housing Tax Credit equity investment through its subsidiary U.S. Bancorp Community Development Corp.

Business Courier

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