A ribbon cutting was held for a new apartment complex for the elderly in Montgomery on Tuesday.Â
Magnolia Trace is a 56-unit "affordable" apartment community, said an announcement from the Alabama Housing Finance Authority (AHFA). It includes a clubhouse room, fitness center, computer room, and a gazebo.
The announcement stated that AHFA provided housing credits that resulted in an equity infusion of $14.2 million to the project. Additionally, there was $3.1 million in HOME Funds for the complex's construction.
The event was attended by AHFA Executive Director Robert Strickland and Montgomery city officials among others.
"This development will provide affordable housing to Montgomery's low-income senior residents for years to come," said a post on AHFA's social media.Â
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