BREEZY POINT: RENOVATION PROJECT

ALCO recently secured the funds to start a $12 million renovation of Breezy Point Apartments, a 49-year-old affordable housing community in Memphis, Tennessee, for low-income families. Construction will begin in September and will last about a year.

Breezy Point is one of our great successes. ALCO built Breezy Point in 1973 with a plan to provide quality affordable apartments to residents in Memphis. For nearly 50 years, we’ve continued to do just that. Along the way, we have learned a lot about owning and managing affordable apartment communities.

In partnership with HUD, we have worked with mortgage programs that have more numbers and acronyms than seem necessary 221, 236, 223, IRP, OCAF, LIHRPA, etc. For almost 20 years, we’ve been working with THDA – more acronyms – LIHTC, AOC, etc,. ALCO has had many financial partners and investors over the years – from tax shelters to tax credits.

Many, many people have worked to make Breezy Point a good place to live – the community managers and maintenance professionals that have worked there day-to-day and the folks in ALCO’s Central Office over the years. Each one has put their stamp on Breezy. While, it all seems like a lot, each piece of paperwork and every day of hard work has helped ALCO achieve its original goal of providing quality affordable apartments to residents.

This month, we will begin a major construction project to help Breezy Point move into the future.

Apartments will get new kitchens, bathrooms, lighting, and flooring. We will upgrade windows, siding, HVAC systems, water heaters, and playgrounds. A new community building is being built for residents so that we can provide better services for the residents who call Breezy Point their home.

We cannot complete these projects alone, and this one is no different. Our friends at GSB Contractors will lead construction. Mitch Hall, our longtime Architect, will ensure that the plans are followed. Pinnacle Bank and Pathway Lending have supported us by providing funding. THDA and HUD have provided many resources and will be with us every step of the way. The City of Memphis has chipped in with some important assistance.

If you want to know what the future at Breezy Point looks like, look to the past. It will look like a lot of people working together to provide quality affordable apartments to residents in Memphis.