Properties

Alma Gardens Apartments

Alma, AR

Property Type:
Multifamily
Total Development Cost:
$4,267,636.00
Financing Structure:
Rural Development
LIHTC Units:
56
AMI:
40/60
Market Rate Units:
NA
Completion Date:
2004

Alma Gardens Apartment Community is a 56-unit multi-family property located near Highway 71, in Alma, Arkansas. The community consists of 24 two-bedroom apartments and 32 three-bedroom apartments. Each two-bedroom apartment is approximately 862 square feet and the three-bedroom apartments are approximately 992 square feet. In addition, each apartment has its own private entryway with a front porch and back patio.
Each apartment is equipped with a stove, vent hood, refrigerator, dishwasher, disposal, microwave oven, central heat and air conditioning, washer and dryer hook-ups and ceiling fans. All of the appliances are electric. The property is made up of six, two-story apartment buildings, containing eight units in each building. The exterior is constructed of brick and/or vinyl siding.
The property includes a playground area, picnic area, a walking trail and a community facility all for the exclusive use of the residents.
The Alma Gardens Apartment Community’s rent structure is governed by the IRS Section 42 rules and is restricted to residents earning at or below 60% of the area median income. An additional five percent of the property is further restricted to residents earning at or below 30% of the area median income for deeper targeting.
Preference is shown to qualified residents that are on the Public Housing Authority’s waiting list.