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A more than $5 million renovation project of the Greenwood Apartments in Horse Cave is currently underway.
The renovation is being done by ALCO Management, a multifamily Memphis, Tennessee-based housing company.
The two-story brick complex was built in 1981 and Berkeley Burbank, vice president of development for ALCO, said it was just time to renovate the complex. The company has been involved with the management of the complex since 2000.
“We're excited about being able to continue good quality, decent housing for those folks in Horse Cave,” he said.
According to an ALCO press release, with the help of Section 8 and Low-Income Housing Tax Credit programs, all 56 apartments that make up the complex are reserved for families earning under 60 percent of the area median income.
For two decades, ALCO has been active in using the Low-Income Housing Tax Credit Program to develop affordable housing. The housing company has used tax credits in conjunction with tax-exempt bonds and other affordable housing mechanisms in Arkansas, Kentucky, North Carolina and Tennessee to acquire and renovate 33 properties totaling to more than 3,800 units, the press release said.
The rent the complex's residents pay will not be effected by the renovation project, Burbank said.
Upgrades to the complex call for new windows, doors and roofs; new kitchens, new bathrooms and the installation of washers and dryers; new energy efficient heating and air conditioning systems, plus new insulation, to reduce utility bills; and improvements to the complex's community room and playground areas. The work is expected to be complete by the fall, the press release said.
In the past, the complex has had a laundry area, but with the renovation project each apartment will have its own washer and dryer.
“That's a really nice upgrade for the families living there,” Burbank said.
Horse Cave Mayor Randall Curry has talked with some of the complex's residents about the renovation project.
“They are very elated that the renovations are being done,” he said.
The renovation of the complex is something that has probably been needed for some time, Curry said.
“This company really saw the needs for the patrons,” he said, adding that what is being done at the complex will be value-added to what is already taking place in Horse Cave.
Key partnerships in the renovation include MMH Hall Architects/Planners, Inc.; Financial Federal Bank, National Capital Investment, LLC; Ohio Capital Corporation for Housing and Kentucky Housing Corporation.
“We believe it's important to preserve affordable housing for the generations to come,” said ALCO CEO Frank Jemison in the press release. “Building community is our core value, and we're achieving success with our renovation endeavors across the Southeast.”
ALCO guides a portfolio of more than 6,000 affordable and conventional apartments.
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