Mayor Sandy Stimpson and members of his administration were present at a ribbon cutting for an affordable housing complex Wednesday morning.
The city previously loaned developers $850,000 in money from U.S. Department of Housing and Urban Development to be used for construction and financing of the development called Greystone Place Apartments.
In addition, the project used $1.3 million from the Alabama Housing Finance Authority and about $600,000 in tax credits from the state, Senior Community and Housing Director Nigel Roberts. Projects costs totaled $8.3 million.
“I like to call this workforce housing,” Roberts said, following the ribbon cutting ceremony. “It’s a safe, affordable place to raise kids and grow into home ownership.”
All units in the development serve households at or below 60 percent of the area median income and will remain affordable for 20 years.
The complex opened in May and all of its 56 units are full and there is currently a wait list, said Lee Butler, with Greer Investments. He added that residents go through an application process, as well as credit and background checks. Butler said the property is managed through Greer Development Company.
Roberts said the city would continue to monitor the complex to make sure it continues to meet those income guidelines.
The complex comes with one, two and three-bedroom units and boasts amenities, like a community room, exercise room, playground and a splash pad, according to a statement from Stimpson’s office.
“The completion of Greystone Place Apartments beings Mobile another step closer to being the safest, most business and family-friendly city in America,” Stimpson said. “It is located in close proximity to numerous community amenities and it is a great example of the City leveraging its resources with private sector participation to provide this needed affordable housing. By fostering these partnerships, the city hopes to continue to improve quality housing options for all Mobilians.”