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City-funded Magnolia Trace opens 56 affordable senior apartments, city says investment leveraged $14 million
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…
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