A facelift for Addison
Published 9:13 pm Monday, July 27, 2009
City officials and others will celebrate the grand opening of Addison Way Apartments Wednesday.
“We are glad of this addition to our community,” said Mayor George Evans, “and look forward to Wednesday when it officially opens.”
Located at 1300 Cloverdale Road in Selma, Addison Way Apartments once were known as Cloverdale Apartments, which were built in 1974. The complex recently received an $11 million renovation of 23 buildings.
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Now it is reconfigured into 120 units and includes 18 new three-bedroom homes for larger families.
Among the newly constructed units are a fitness center, laundry, large reception area, full kitchen, computer center and TV den.
More than $8.4 million in Low Income Housing Tax Credit equity investment from Enterprise Community Investment Inc., a $20,000 federal Section 4 grant from Enterprise Community Partners, a grand program administered by the U.S. Department of Housing and Urban Development as part of a Community Development Block Grant provided financing for the Addison Way project.
Regions Bank provided an affordable first mortgage at below-market rates, using a subsidized advance from Federal Home Loan Bank, Atlanta, and Federal Home Loan Bank, Atlanta provided a $240,000 Affordable Housing Program grant.
Evans; Ed McCurdy, president of Regions Selma; Judy Van Dyke of the Bennett Group; Sharon Cook of the Federal Home Loan Bank, Atlanta and Wallace T. Davis, president and CEO of Volunteers of America Southeast will participate in the day’s celebration.
The event begins at 11 a.m. at the apartment complex.