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Developers to break ground on $8M Tuscaloosa [AL] apartment project (Birmingham Business Journal, AL)

Birmingham Business Journal
(8/5/2014 11:09 AM, Bryan Dais)

A Tuscaloosa developer will break ground next week on a senior living apartment project designed to give 27 housing options to those displaced by the April 2011 tornado. Morrow Companies is the developer of the $8 million Somerville Apartment project, which is funded partially with $750,000 Community Development Block Grant Disaster Relief funds, $607,000 in tax credits and $1.038 million of Home Investment Partnership Program funds. Regions Bank will finance the construction aspect of the development and will also serve as an equity provider for the project. West Alabama Affordable Housing Corp. will provide permanent financing. Located on 5.5 acres of land, each apartment will be 1,200 square feet, two bedroom, two bath and will be priced from $420 to $525 for qualified individuals. Eligible persons 55 years and older could be relocated to the 5701 McFarland Blvd. Somerville Apartment project by January 2015.

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