Magnolia Glen is an affordable housing multifamily development consisting of sixty (60) family apartments located on Memory Lane in Boone County, Kentucky. Residents will have an on-site clubhouse with a community living room, management office, after-school programming, laundry facility and computer-business center available for use. The grounds include ample parking, lush landscaping, children’s play area and outdoor grill area. All units have Energy Star furnaces, hot water heaters, lighting, windows, doors and appliances, to lower utility bills and increase affordability for tenants. Six apartments are accessible to tenants with disabilities.
The apartment complex, 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.
A 2011 Center for Housing Policy study 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 mid-west and southeast United States.
More information about renting an apartment can be found here.
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