AHFA’s latest Development Spotlight shines on Cadence Point in Enterprise. In 2017, Cadence Point (originally The Boulevard) restructured its 1995 HOME Investment Partnerships Program loan and received an allocation of additional Housing Credits for rehabilitation efforts.
56 units | Family | 7 Residential Buildings
1320 Rucker Blvd | Enterprise | Coffee County
Original financing: HOME (1995) = $1,089,000 | Housing Credits (1996) = $246,322
HOME Extension award (2017) = $842,541
Rehab Housing Credits (2017) = $318,447
Rowlett & Company, LLC acquired this expired HOME development in 2016 from the previous owner Boulevard, Ltd., utilizing Housing Credits from AHFA, a construction loan from Auburn Bank, and investment with Raymond James Tax Credit Funds, Inc. The funds were used to renovate all 48 units in the development. They also added a community building with a computer center, resurfaced the entire parking lot, and added a covered picnic area as well as a bus stop shelter.
“Having the ability to extend the HOME loan into a new loan with AHFA and the availability of additional Housing Credits for renovation [enabled us] to take this aging project and make it like new again,” said owner Ann Marie Rowlett.
All of the units are now modernized and up to code. The parking lot is brand new, with new playground equipment and a beautiful community room for the residents to use. All of the sidewalks and common areas have been brought up to current ADA standards. The complex is now on par with other newer developments in the area.
“This program has allowed us to make this property more competitive in the market, more beautiful and comfortable to the tenants, and more attractive for the City of Enterprise, all while keeping the rents affordable for the targeted population,” said Rowlett. “There is no way that we would have ever been able to afford to make such an impactful renovation while keeping the rents affordable without this program from AHFA. We hope to continue to provide affordable housing with this development for the next twenty years.”