LEXINGTON, Tenn., Nov 15, 2010 -- Local leaders today joined officials from Paladin Nonprofit, LLC to review progress on the construction of a 40-unit apartment complex being built at 375 North Main Street in Lexington. USDA Rural Development (RD), Bonneville Mortgage Company and the Tennessee Housing Development Authority (THDA) partnered to finance the project that will help meet the local need for affordable housing for qualified families.
RD Area Director Arlisa Armstrong said her agency's $750,000 loan-guarantee for the project makes it possible for Bonneville Mortgage to extend credit on terms that make the project viable. State tax credits and THDA Tax Credit Assistance Funds of $1,261,275 complete the financing package for the $5 million investment.
According to Paladin's Phil Ellen, "The complex to be named Jeffrey Meadows Apartments will include eight one-bedroom units, 16 two-bedroom units and 16 three-bedroom units for income eligible families in Henderson County." Construction is expected to be completed next summer. For rental information contact Debbie Kinney of Sun Belt Management Company at 256-878-2408.
"It's hard to find the right place to raise a family," said Armstrong. "By leveraging what each of our agencies brings to the table we can make it possible for folks at Paladin to provide safe, affordable housing near work, school, healthcare and community activities."
Others participating in the event included Sen. Lamar Alexander's Representative Matt Varino, Rep. Marsha Blackburn's Representative John Blakely, Henderson County Mayor Dan Hughes, Lexington Mayor Bobby Dyer, Henderson County Chamber member Vickie Bunch and RD Area Specialist Kathy Brantley and Area Technician Vernice Williams.
Armstrong said, "Rural Development can also help eligible homeowners alleviate unsafe conditions, make repairs, or add needed space with a very low-interest RD home-repair loan." According to Armstrong the interest rate on these loans is fixed at one-percent and payments may be spread over as much as 20 years to keep the monthly payments affordable.
She said, "For those looking to purchase a home, Rural Development home loans may be made without a down payment and eligible home buyers may qualify for financing up to 100 percent of the appraised value." Depending on an applicant’s income, monthly payments may be based on an interest rate as low as one percent. Loans are typically made for 33 years at a fixed interest rate with varying maximum loan amounts depending on the area.
USDA Rural Development invests in jobs, infrastructure, homeownership and affordable rental housing in rural communities. With supplemental funding through the Recovery Act, the agency assisted more than 1.5 million Tennessee families and businesses with more than $1.3 billion in financial assistance through affordable loans, loan guarantees and grants. More than 86 percent of these investments will be paid back with interest. The rest is at work creating jobs, broadening the local tax base and increasing opportunities in education, training, healthcare and public safety.
For more information on the meeting or USDA Rural Development programs available in southwest Tenn. contact the Rural Development Area Office in Jackson at 731-668-2091, ext. 2, toll free at 1-800-342-3149 ext. 1495 or visit us online at www.rurdev.usda.gov/tn.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write USDA,
Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410,
or call (800) 795-3272 TDD (615) 783-1397.