Development Spotlight: Raintree Apartments, Rainsville
24 units, built in 1989 and rehabilitated in 2015
Serves: families and elderly in DeKalb County
AHFA funding sources: $162,521 in 2015 Housing Credits | $33,702 in 1989 Housing Credits
The development serves low- and very low-income tenants across a range of ages. Children under 18 years old make up about 30 percent of occupancy and adults 55 years or older make up about 20 percent. Over half of Raintree's units have USDA RD Rental assistance or tenant-based Section 8 vouchers.
Revitalization of Aging Housing Stock:
Raintree is an acquisition/rehabilitation of a prior-funded (1989) Housing Credit development. Development team member Mark English, president and board chairman of National Affordable Housing Preservation Associates (NAHPA), said, "
We have breathed new life into the development so that it can continue in its 30-year career of serving low-income tenants in the rural Alabama town of Rainsville."
Item of Interest:
The ownership structure of Raintree is a joint venture between nonprofits (NAHPA) and for-profits (RTRC 2015 AL, LLC, represented by Lowell R. Barron, and Westside, LLC, represented by Charles S. Stirling).
English said of the joint venture experience, "From my perspective, joint venturing with for-profit companies causes few to no challenges. At the end of the day, such a partnership ends up as a win-win-win situation. NAHPA is fulfilling its mission while earning money so we can keep fulfilling our mission, our for-profit partners are making money by helping to produce housing, and tenants have safe, decent, affordable, accessible, attractive, well-located housing that they can afford."