Elected officials and project stakeholders were in Tazewell Nov. 2 to cut the ribbon on the recently completed Peaks of Tazewell apartment development. The 54-unit development, which features one-, two- and three-bedroom units, was built by Resource Housing Group with the help of financing by the Tennessee Housing Development Agency.
THDA helped finance the project by allocating over $6.1 million in Low-Income Housing Tax Credits. Affordable Equity Partners provided equity for the development, while Sterling Bank was the project lender. Gateway Management Company is overseeing the day-to-day operations and management of the property.
Tazewell Mayor Wayne Jessie, who was among the speakers during the ceremony, said the development is providing much needed housing for Tazewell residents.
“We’ve been getting more and more people moving to Tazewell and Claiborne County looking for a place to live, and we’ve had less and less availability,” Jessie said. “So this is really filling a need for our community. This worked out well with the state of Tennessee and the local government working together, and anytime that happens, you get projects like this.”
THDA East Tennessee Liaison Katie Moore said developments like the Peaks of Tazewell are needed to create a positive perception of affordable housing in Tennessee.
“Projects like this change image of affordable housing and we’re working hard with our tax credit program to provide sustainable, quality housing that any of us would be proud to live in,” Moore said.
Gateway Management Company President Randy Fleece said the property provides amenities that appeal to a variety of tenants, and added that his company is committed to maintaining the property.
“The residents are really the reason for these apartments,” Fleece said. “A lot of folks live here for different reasons. Some are young, first-time apartment dwellers, and others are folks that might consider this an interim stop. So we just really appreciate our residents and want them to know we are here for them.”
The complex was opened earlier this year and currently has 52 of its 54 units occupied. The energy-efficient apartment range in size from 650 sq. ft. for a one-bedroom unit, to 1,100 sq. ft. for a three-bedroom, two-bathroom unit. The property also features a community building, gazebo and clubhouse and children’s play area.
Rent is based on resident income.
THDA administers the Low-Income Housing Tax Credit program in Tennessee. LIHTC is a credit against federal income tax liability each year for 10 years for owners and investors in low-income rental housing. The amount of tax credits is based on reasonable costs of development, as determined by THDA, and the number of qualified low-income units.