Well-maintained and sustainable affordable housing benefits the residents, the surrounding neighborhoods, and the broader community. Across the Southeast, many affordable communities are aging and need significant renovations. ALCO preserves affordable apartment communities. We redevelop apartment buildings by providing significant renovations, and we preserve affordability by making long-term commitments to provide quality apartments at affordable rents.
We have a proven track record of working with government agencies, lenders, and investors to navigate the complex financial and planning landscape to successfully preserve these communities. We have successfully redeveloped more than 45 apartment communities, preserving over 5,500 affordable apartment homes.
Eastern Heights was originally built in the 1950s and was overdue for a renovation when ALCO purchased the property. We worked with HUD, Tennessee Housing Development Agency, the Memphis Health, Education, and Housing Facilities Board and several financial partners to acquire, renovate, and preserve 130 affordable apartments for the residents who call Eastern Heights home.
Catawba Pines was constructed in the early 1980s and had provided affordable homes to residents of Newton, NC for nearly 40 years. ALCO worked with HUD, North Carolina Housing Finance Agency, and several financial partners to renovate and preserve 68 units of affordable housing for the families of Catawba County.
ALCO worked with HUD, Kentucky Housing Corporation, and our financial partners to renovate and preserve 56 affordable apartments in Horse Cave, KY, ensuring Greenwood Apartments will continue to provide quality, affordable rental homes for decades to come.
ALCO acquired three affordable apartment communities in need of significant renovations in Chattanooga, TN. Together with HUD, Tennessee Housing Development Agency, and our partners, we were able to consolidate and renovate the properties and preserve 163 affordable apartment homes, adding community space and amenities through the process.
ALCO is focused on the preservation of affordable apartment communities with Project-Based Section 8 HAP Contracts and/or Low Income Housing Tax Credit restrictions. We have preserved small rural properties, large garden-style properties, and high-rise apartments. We are currently focused on preserving properties in the Southeast.
We have helped many owners and nonprofits preserve their affordable housing communities by either purchasing the properties for redevelopment or by partnering on redevelopments. If you would be interested in ensuring the long-term stability and affordability of your property by partnering with ALCO, please contact us.