LOU-HOME, Inc. announced last week that the Belle Rivers development at University Avenue and Slack Road is now taking applications for residents.
These 48 units are intended to serve the working people of Lafayette County, and, as such, residents must earn no more than 60 percent of the area median family income as established by U.S. Department of Housing and Urban Development. For example, a household of four cannot earn more than $39,480 annually to qualify.
Belle Rivers is a smoke-free, luxury community. The spacious 3 bedroom/2.5 bath floor plan features fully-equipped kitchens, walk-in closets, ceiling fans, in-unit washer/dryer, carpet and laminate vinyl plank flooring, window coverings and patios. Other amenities include a clubhouse with a community room and business center, a playground, and beautiful landscaping.
Eastover, another similar development, is currently under construction and will have 48 units.
The developments, positioned to provide workforce housing to Oxonians, were made possible after the public-private partnership between LOU-Home and developer Steward Rutledge was awarded $15 million in housing credits last year in competitive funding.
Lease amounts are expected to be $725 per month, plus utilities.
In 2034, tenants living in the developments will have the option to purchase the home. Their rent payments will be deducted from the sale price. For example, if a tenant has lived in the unit for 15 years, they will have paid about $130,000 in rent. That amount will be applied to the purchase price that will be determined by HUD.
After residents have been offered the units, those not sold will then be put up for sale to the general public and will no longer be restricted to income levels.
Eight units in Belle Rivers are expected to be ready for occupancy Sept. 1, with the remainder of units being available as they are completed. Eastover is anticipated to have an opening for applications around Oct. 1 with the first units available Nov. 1.
The completion of these two developments, in addition to Community Green, the last development completed by LOU-HOME, help the non-profit address this need in our community.
“Our non-profit is really pleased to have these 98 units ready to start accepting applications,” said Kathy Sukanek, president of LOU-HOME. “The need for affordable housing is one which comes up over and over again in our community, and Belle Rivers and Eastover should be well-received and fill quickly. We can’t wait to see families moving in.”
Eligible parties must register to be considered for these units at www.bellerivers.com. Call 901-435-7795 for more information.
Hottytoddy.com staff report