For sixty families, August 23rd is another day closer to their goal of economic independence. For Northern Kentucky, the 10 a.m. ribbon cutting is a celebration of those families and of the power of public-private partnerships, like the one between the Northern Kentucky Community Action Commission, Jonesboro Investment Corporation, the Kentucky Housing Corporation and US Bank that brought this vision into being.
Magnolia Glen, the $10.4 million, 60 unit apartment complex in Florence, is a joint venture of the NKCAC and Jonesboro Investments Inc., a Cleveland based real estate development firm, with funding provided by the Kentucky Housing Corporation and US Bank. Construction began on the project in August 2012 after approval of funding in January 2012. The vision of the project was to offer excellent housing to working families who earn up to 60 percent of the median income for Boone County. According to 2012 U.S. Census estimates, the median income for the county was approximately $68,000.
The complex, which is already at 95 percent occupied and is expected to be completely rented by the time of the ribbon cutting, includes amenities such as air conditioning, oversized closets, balconies, patios, and a clubhouse with a computer lab and laundry facilities. The two and three bedroom apartments start at $570 per month. The property is being managed by Wallick Communities, a Columbus based company that specializes in affordable multi-family housing.
“This is a great opportunity to continue to realize our mission and our vision for the region,” says NKCAC Executive Director Florence Tandy. “We know that given the opportunity to have a place to call home and a chance to live in affordable housing, these working families will continue on their path to self-reliance and will continue to be a valuable part of our economy,” says Tandy.
For NKCAC housing director Ashley Pate, “the most exciting part is the community we are building. There is a great playground and a huge common outdoor area that residents can use.” He is also excited about creating a new idea of what income based housing looks and feels like. “This may not be what people think of when they hear about a place that has an income limit for people to move in,’ says Pate, ‘but I think as we move forward, more and more people will realize the impact of affordable housing not just on the families in the complex, but on the community as a whole. “ A 2011 Center for Housing Policy study1 found that, as with market-rate housing, developing affordable housing creates jobs both during construction and through new consumer spending after the homes have been occupied.
Jonesboro Investments Corp is active in the development of multifamily and retail properties throughout the midwest and southeast United States. “Our hope is that this housing development will serve as a lasting community asset, providing safe and affordable quality housing for families of Boone County,” says Tim Morgan, President of Jonesboro Investments Corp.
“Today, through the hard work of many, Magnolia Glen is an example of how public-private partnerships can help build and strengthen communities,” says Dan Groneck, U.S. Bank Regional President for Northern Kentucky. “We’re proud to partner with Jonesboro Investments Corp., Northern Kentucky Community Action Commission, and other valued leaders to create a space for families in Boone County to live and grow for years to come.”
The ceremony will be held on Friday, August 23rd at 10:00 am at 10285 Memory Lane, which is just off of Dixie Highway on Frank Duke Boulevard. Refreshments and an overview of the site will follow the ceremony. It is open to the public.