OPELIKA, AL – June 3, 2009 – (RealEstateRama) — Local families showcased their new homes as part of the grand opening celebration for Jordan’s Gate, a 26-acre, newly built community of 48 single-family homes for low-income residents in Opelika, Ala. Located in the Jeter neighborhood, the $9.3 million development is the result of a partnership between Enterprise Community Partners, Enterprise Community Investment, Inc. (Enterprise), The Bennett Group LLC, the Greater Peace Baptist Church and the Greater Peace Community Development Corporation (GPCDC). In addition to the homes, the site includes a clubhouse, playgrounds, and fitness and computer centers for residential use.
“I believe home ownership is an important key to help our citizens and our community,” said Opelika Mayor Gary Fuller. “I’m delighted that Jordan’s Gate residents will be able to buy these homes in a few years.”
Jordan’s Gate is financed with $8 million in Low-Income Housing Tax Credit equity investment, a $1 million multifamily mortgage loan and a $20,000 Section 4 capacity building grant from Enterprise, along with a $1.3 million construction loan from Troy Bank & Trust. Residents of Jordan’s Gate will be provided an option to purchase their homes at the end of the 15-year federal tax credit compliance period.
“Enterprise is committed to providing financing solutions and technical expertise to help create safe, decent affordable housing for low-income families in rural and urban communities nationwide,” said Charles R. Werhane, president and CEO, Enterprise Community Investment, Inc. “We are proud to partner with the Greater Peace Baptist Church, its community development corporation and The Bennett Group to make this a dream come true for Opelika residents.”
Jordan’s Gate was built in the Jeter community, an area that has been targeted for revitalization. In addition, the church and GPCDC envisioned affordable housing as a way to complement its Family Life Center and daycare facility built for the community and the congregation.
The Jeter community has a rich history in the Craftsman architectural period. The new three- and four-bedroom homes are on spacious lots and feature nine-foot ceilings, solid wood cabinetry and granite countertops. The entire development was designed to create the spirit of community and gracious living of the Craftsman period, and included in the design are gathering areas for meetings and celebrations. Jordan’s Gate is served by underground power and by wireless Internet, which is free to all residents.
“In my 40 years as a developer of affordable housing, never have the many people and elements required for success come together as effectively as they have here at Jordan’s Gate,” said Fred Bennett, president, The Bennett Group LLC. “Everyone involved has worked tirelessly to make this a signature development.”
Through public-private partnerships in Alabama, Enterprise has financed more than $45 million in tax credit equity, loans and grants to rehabilitate or develop 550 units of affordable housing and market-rate homes.
Since 1967, The Bennett Group has developed innovative projects to shelter families, enhance neighborhoods, and meet the objectives of owners and investors in six southern states. For further information or to view The Bennett Group’s portfolio, please visit the website at www.bennettandcompany.net.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity