Properties

Waddell Gardens

Humboldt, TN

Property Type:
Multifamily/Elderly
Total Development Cost:
$5,278,200
Financing Structure:
USDA RD
LIHTC Units:
48
AMI:
Market Rate Units:
Completion Date:
November 2011

Waddell Gardens is a 48-unit elderly property located on Old Gibson Road, in Humboldt, TN. The complex consists of 24 two-bedroom units and 24 one-bedroom units. Each unit is between approximately 600 and 980 square feet and has a front porch and back patio.
Each unit is equipped with a stove, vent hood, refrigerator, dishwasher, disposal, microwave oven and central heat and air conditioning. In addition a washer and dryer unit is provided in every unit as well as ceiling fans. All of the appliances are ENERGY STAR rated. The exterior is constructed of brick and/or vinyl siding.
The property includes, a picnic area, and a community facility all for the exclusive use of the residents.
The Waddell Gardens will be built to cater exclusively to elderly families. The rent structure of the property is governed by the IRS Section 42 rules and is restricted to residents earning at or below 60% of the area median income.
Preference is shown to qualified residents that are on the Public Housing Authority’s waiting list.