The Abbington at Stones River is celebrating its grand reopening after renovating all 96-apartment homes, thanks in part to in tax credit financing from the Tennessee Housing Development Agency.
“These renovations are a real blessing to all of the families who live here, and even better, they can rest assured that this beautiful apartment community is going to remain affordable to them for years to come,” said Denise McBride, THDA’s Middle Tennessee Liaison.
Located on Bradyville Pike just south of Middle Tennessee State University, the newly renovated Abbington at Stones River features spacious floor plans, a playground, and an outdoor pool.
THDA helped fund the renovations by awarding $289,620 in federal tax credits over the next 10 years. In exchange, the property must remain affordable to residents earning no more than 60% of the area’s median income for a minimum of 15 years.
“It’s because of THDA’s support that we’re able to make millions of dollars in renovations to this property without having to pass those costs along to the people who live here in the form of steep rent increases,” said Dominic Vaccaro, president of Burlington Capital Real Estate, which owns the property and managed the renovations.
“We’re committed to protecting working families by giving the private sector the financing tools it needs to modernize affordable housing properties in the Murfreesboro area,” said McBride.
The Low Income Housing Tax Credit (LIHTC) program was created under President Reagan to incentivize the private sector to build and/or renovate apartments for people who earn significantly less than the area’s average annual income. THDA administers the federal program at the state level in Tennessee, including allocating tax credits and monitoring compliance.