Kingstree, South Carolina, Oct 19, 2010 -- Officials from USDA, Rural Development, Kings Square II Limited Partnership and GEM Management, Inc. will celebrate the grand opening of Kings Square II Apartments on Wednesday, Oct 20th with a luncheon and tour of the new apartment complex located on Nelson Blvd. in Kingstree, SC. GEM Management, Inc. manages Kings Square II Apartments.
Kings Square II Apartments was developed by Kings Square II Limited Partnership with a $442,328 loan from USDA, Rural Development and Low Income Housing Tax Credits from the South Carolina State Housing Finance and Development Authority. In addition, Rental Assistance is being provided through Rural Development.
Kings Square II is a new 24-unit three story building. All units are designed with senior citizens in mind and are Energy Star certified. Amenities include range, washer-dryer hook-up, frost free refrigerator, as well as a community room for use by the residents. The monthly rent will be based on the tenant’s income.
"The development of Kings Square II Apartments has been a labor of love. It is a pleasure to see that the end result is a beautiful property of which the community should be proud. The response from applicants has been overwhelming," said Danny Ellis, President of GEM Management, Inc.
"Safe, affordable housing is indispensible to vibrant, rural communities and Rural Development has several Housing Programs that can help finance new housing like the beautiful Kings Square II Apartments," said USDA Rural Development State Director Vernita F. Dore. "Investing in the economic future of rural communities is money well spent and I would like to acknowledge and thank all the partners involved in this project."
USDA Rural Development’s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. Rural Development promotes economic development by providing loan and grant programs to finance and foster growth in business development, homeownership, and critical community and technology infrastructure. For more information regarding USDA Rural Development programs, contact the area office at (843) 354-9613, or visit USDA’s web site at http://www.rurdev.usda.gov.