City Council approves new rental assistance funds for Summit Apartments
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The Huntsville City Council approved $4 million in Emergency Rental Assistance funds at last night’s council meeting to Meridian Commons Ltd., which owns the Huntsville Summit Apartments.
Located at the corner of Walker Avenue and Meridian Street, the building contains 100 units for senior and low-income households.
How the Emergency Rental Assistance funds work
The $4 million in funding will leverage an additional $23 million investment by Meridian Commons Ltd. and its partner, Neighborhood Concepts Inc., for a total property investment of $27 million.
Scott Erwin, Manager of Huntsville’s Community Development Department, described the project as a win-win for everyone involved. He called the building, constructed in 1979, a perfect candidate for the program.
“This property needs a significant capital investment to continue serving low-to-moderate-income residents and ensure ADA accessibility. Additionally, the overall improvements will benefit everyone from the residents who live there to the surrounding neighborhood.”
Scott Erwin, manager of Huntsville’s Community Development Department
More on the Emergency Rental Assistance program
The Emergency Rental Assistance Program is funded by the U.S. Department of the Treasury, which set aside $2.5 billion for eligible grantees. Funds were distributed to states and local governments with more than 200,000 residents.
In early November, the City Council announced funds would be available for eligible projects and urged property owners to apply.
Eligible properties were required to service low-income families at or below 50% of the area median income and conform to requirements of the Low-Income Housing Tax Credit Program, which uses tax credits to encourage private developers to build affordable housing.
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