Delta Housing Authority has been awarded a reservation of Low Income Housing Tax Credit (LIHTC) to construct 32 apartments at 501 E. 14th adjacent to the existing Villas at the Bluff community.
The $6.5 million project will feature one-, two- and three-bedroom units that will be available to households that earn less than 60 percent area median income ($32,620/year for a family of two).
Rents will range from approximately $229 to $665 per month.
The rental vacancy rate in Delta is at 3.5 percent. A vacancyate of 5 percent is typical of a "stable" rental market and anything below that is indicative of a tight rental market, low inventory and increasing rental rates, said DHA officials.
"The demand for modern, safe rental housing is a major socio-economic concern for Delta," says Cindy Warren, Delta Housing Authority board chair. "Those most impacted by the lack of affordable rentals are those most in need. This project will go a long way to meet that need."
The project will feature four two-story buildings, and will be managed by Delta Housing Authority. It will be located adjacent to the existing eight-building community, Villas at the Bluff Phase I, which was constructed in 2008. Both Phase I and Phase II will be owned by Delta Housing Authority.
Jo Rosenquist, executive director of the Delta Housing Authority, said, "This is a community asset, and similarly as we executed Phase I, we want to inform the Delta community and maintain support for the much-needed brand new affordable housing option. We intend to work with local constituents, general contractor and sub-contractors and partner with local service providers and city officials. We want this property to be a valued and beneficial community asset."
Construction is estimated to commence in early 2014, with units being delivered approximately eight to 10 months following.
For questions about Villas at the Bluff Phase II, call Jo Rosenquist at 874-7266, ext. 6. If you are interested in renting one of the newly constructed units, you may obtain an application at the DHA offices or at their website, www.deltahousingauthority.org. A wait list has been started for interested tenants.blog comments powered by Disqus