Project Description: This structure is positively situated on an approximately half-acre site located at the intersection of US-27 and US-40, a true crossroad of America. At the entrance to the downtown sits a very large empty building that housed the YMCA for almost 100 years. A private developer has acquired the structure and has a plan to develop it into a senior housing.
Through Partnership With Stellar Communities: The developer will eliminate blight at this very prominent corner and develop housing for the general population that meet the communitys 30%, 40%, 50% and 60% median income limits. The development will contain 50 rental units consisting of 31 one-bedroom units, 19 two-bedroom units.
Project Budget: $7,700,000
Local Match: $6,930,000
Local Funding Source: Private Developer