City-funded Magnolia Trace opens 56 affordable senior apartments, city says investment leveraged $14 million
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Summary
Montgomery leaders marked the opening of Magnolia Trace Apartments, a 56-unit affordable housing development for residents 55 and older funded in part by a $721,000 city investment that officials say leveraged more than $14 million in additional funds.
Montgomery Mayor Steven Reed announced the ribbon-cutting for Magnolia Trace Apartments, a 56-unit affordable housing development for residents age 55 and older, and described the project as a partnership between the city and private and nonprofit developers.
Mayor Steven Reed said the city provided a $721,000 HOME investment for the project and that the city contribution “leveraged over $14,000,000 in additional funding.” Reed said the development created more than 60 construction and support jobs and generated an estimated $5,500,000 in local income during development. “Most importantly, it gives seniors a safe place to age with pride,” Reed said.
The mayor credited Alethea House for project leadership and named the Alabama Housing Finance Authority and local private developers as partners in financing and construction. Reed said the facility includes a clubhouse, fitness center, covered picnic areas and a gazebo and that the administration has prioritized affordable housing.
Because the council discussion and the mayor’s remarks described funding sources and local economic effects, the details above reflect statements made at the meeting; the transcript did not provide full loan or tax-credit documents, regulatory covenants or individual tenant eligibility rules. Reed also referenced private developers active in East, South and Southeast Montgomery but did not provide individual contract terms or specific subsidy instruments beyond the $721,000 city HOME investment and the “leveraged” amount.
The mayor invited councilors and partners to continue promoting affordable housing across the city and said similar projects would be built so that market-rate and affordable units are indistinguishable in quality.
The mayor also announced several community events tied to summertime outreach, including the Move MGM color run and a registration-based shirt giveaway for the first 400 participants who pick up packets on July 18.
The city did not adopt any ordinance or make a vote on Magnolia Trace at this meeting; the remarks were a report and recognition of the project and its funding as presented by Mayor Reed.