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| Thursday, June 11, 2009 |
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FOR IMMEDIATE RELEASE
June 11, 2009
HHA AWARDED $12M IN LOW-INCOME TAX CREDITS
HUNTSVILLE – The Huntsville Housing Authority (HHA) announced today that it was awarded low income tax credits from the Alabama Housing Finance Authority on June 2, 2009. The tax credits are in the amount of $1,250,990.00 for 10 years, equaling a total of $12,509,900.00. HHA will use the tax credits for the development of its 85-unit state-of-the art affordable housing facility for seniors to be located on the demolished section of Council Courts on Gallatin.
“This is a great opportunity for the Huntsville Housing Authority to utilize these funds towards Gateway Place, our senior housing facility, which allows us to participate in the transformation of downtown Huntsville. The concept of a senior building in close proximity to Huntsville Hospital immensely enhances the quality of life for seniors by linking them to nearby health care services, said Michael O. Lundy, Executive Director/CEO, Huntsville Housing Authority.
The Low-Income Housing Tax Credit program or LIHTC was created by the Tax Reform Act of 1986, as an alternative method of funding for low-and moderate-income households.
For more information contact Paige Rucker at 256.541-7857 or paige@driscollruckergroup.com or visit www.huntsvillehousing.org.
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