Current Projects and Grants

Oak Park Villas, Lipscomb, AL

Oak Park Villas

Oak Park Villas: An Affordable Rental Housing Development for Seniors

Oak Park Villas is a $3.8 million 40-unit rental complex for seniors and seniors with special needs in Lipscomb, AL. Oak Park Villas will serve seniors ages 55 and over whose incomes are at or below up to 60 percent of the HUD Area Median Income. The development will consist of one- and two-bedroom apartments. Fourteen units will be fully handicap-accessible. Rents are estimated to be in the $325-$375 range.

Oak Park Villas is sponsored and developed by the non-profit Community Action Agency of Northeast Alabama, Inc., of Rainsville. They are an affordable housing developer with more than 35 years experience fighting poverty in Alabama. Co-developer Vantage Development, based in Fyffe, has more than 30 years of real estate experience in development, construction and property management, with nearly 700 apartment units. The project is one of the most expansive construction projects to be undertaken in many years in this community of 2,400 located just north of Bessemer.

Oak Park Villas
Near Lipscomb Park, located off Avenue G, Lipscomb, AL

Project Description
The development will consist of 40 total units: 18 one-bedroom, one-bath; 22 two-bedroom, two-bath units. All one-bedroom units will be approximately 768 square feet, and all two-bedroom units will be approximately 978 square feet. Unit amenities will include carpeting, mini-blinds, washer/dryer connections, patios, outside storage closets, and full kitchens. Unit rents will include water, sewer and trash removal. Tenants will be responsible for electric, cable and phone.

Grounds will be fully landscaped emphasizing low-maintenance plants. Common area amenities include: a community building that will house a management office, community room with kitchen, and central laundry facility; and a gazebo and covered pavilion with picnic tables and a charcoal grill. All units will be designed and constructed in compliance with the Fair Housing Amendments Act, and Section 504 of the 1973 Rehabilitation Act.

Target Market
This 40-unit apartment complex will serve elderly age 55+ whose incomes are at or below 60% of Area Median Income, with 20% of the units serving those below 50% of AMI. Disabled persons age 55+ that are income qualified may live at the complex.

Co-Developers and their roles

  • Community Action Agency of Northeast Alabama (CANNEA), an Alabama 501(c) (3) non-profit based in Rainsville, is the sponsor and co-developer of Oak Park Villas. CAANEA has more than 35 years experience combating poverty in Alabama.
  • Vantage Development, co-developer, based in Fyffe, has more than 30 years of real estate experience in development, construction and property management.

Provision of Services
The developers believe that housing coupled with thoughtful services provides an opportunity for elderly persons to remain independent longer, thus living a more fulfilling and enjoyable life. Management will work with local social service providers to refer services to tenants on an as-needed basis. Examples of potential services may include, but are not limited to, Meals on Wheels, insurance counseling, legal assistance, nutrition and exercise programs, transportation, and residential, vocational and educational services. On-site staff will coordinate social activities for the tenants.

Time Frame
Summer 2005: Commence construction
Winter 2005: Begin advertising, marketing and outreach efforts
Spring 2006: Construction completion; lease-up begins

Financial Information

Construction financing, HECA $2,200,000
First mortgage financing, HECA 387,220
$1,161,000 low-income housing tax credits, administered by Alabama Housing Finance Authority
Jefferson County HOME funds, provided by the U.S. Department of Housing and Urban Development to participating jurisdictions		 2,179,000
  $3,800,000

Land acquisition financing, Compass Bank

View photos from the groundbreaking ceremony held March 2, 2005.

Read the press release on the groundbreaking.