News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
The Highlands Residential Services could be eligible for disaster relief funding for its Magnolia Ridge development.
The Tennessee Housing Development Agency has housing credits available for a special round of funding. Developer Alvin Nance said Putnam County is one of five counties that could be eligible based on 2020 storm damage.
“THDA is asking for comments about the program, because the parameters and guidelines of the program have not been established at this time,” Nance said. “What they said is, ‘Hey, we got the availability of these credits,’ and the way we’re looking at things, if you get awarded these disaster housing credits, they are nine percent credits just like we got for Hickory Valley.”
Nance said the state housing agency is set to meet on March 30th to create applications. Nance said only housing authorities can apply, and Highlands Residential Services is the only one in Putnam County.
“Dow worked very diligently with the other four housing authorities,” Nance said. “There are five counties that are eligible to receive the disaster housing credits. That’s Bradley, Hamilton, Davidson, Wilson and Putnam. Dow was successful in getting the executive directors of the housing authorities of each of those five counties. They put together a list of comments.”
Executive Director Dow Harris said the Magnolia Ridge is currently not funded. The development is the third phase of Highlands’ five year plan. The proposed plan is 48 units of affordable housing on the same property as Hickory Valley on Buffalo Valley Road.
In other business, Oak Tree Towers is about 75 percent complete with applications coming out late April or early May. Oak Tree Towers will be a 50-unit mid-rise apartment complex on Buffalo Valley Road. Elderly residents will occupy the units once construction finishes.
