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KCDC announces $33.1 million in improvements to three properties
Knoxville’s Community Development Corporation (KCDC) recently approved a $33.1 million rehabilitation initiative at three affordable housing properties.
In total, 705 units at Lonsdale Homes, North Ridge Crossing and The Vista at Summit Hill will undergo significant improvements with an emphasis on energy efficiency and quality of life for residents. The plans include better insulation, LED lighting, energy-efficient appliances, plumbing repairs, roof replacement and new windows, flooring, cabinets and countertops.
“This initiative will yield significant benefits for the three properties and the residents we serve,” KCDC Executive Director and CEO Ben Bentley said. “The physical condition of these properties will be greatly enhanced and that, in turn, leads to lower operational and maintenance costs.”
The improvements, which are scheduled to be completed in 21 months, will be funded with a combination of low-income housing tax credits and multifamily housing bonds.
Sean Gilbert, KCDC’s senior vice president of housing, said the breakdown includes 260 units at Lonsdale Homes ($11.9 million); 270 units at North Ridge Crossing ($13 million); and 175 units at The Vista at Summit Hill ($8.2 million).
“These improvements further our mission of providing quality affordable housing for our residents,” Gilbert said.
The plans are part of KCDC’s transition of its public housing stock to the rental assistance demonstration (RAD) program, which was created by the U.S. Department of Housing and Urban Development (HUD) in 2012 to help agencies continue their housing mission without dependence on federal funds. The program allows housing agencies to leverage public and private debt and equity to reinvest in their properties.
About Knoxville’s Community Development Corporation
Since 1936, KCDC has been dedicated to enhancing the quality of life for the citizens of Knoxville and Knox County. KCDC’s mission is to improve and transform neighborhoods and communities by providing quality affordable housing, advancing development initiatives and fostering self-sufficiency. For more information, call 865-403-1100 or visit https://www.kcdc.org/.