ALGOOD – FOURMIDABLE, a national real estate company, has opened a new community in the Upper Cumberland, adding to its inventory of affordable housing in the state.
Greenwood Place, a 64-unit community at 265 Quinland Lake Road, Algood, features luxury floor plans with modern kitchens and in-unit washers and dryers, a community fitness center, clubhouse and swimming pool, as well as free Wi-Fi and a community business center.
Units are one-, two- and three-bedroom floor plans. Rental prices range from $370 to $625 a month; income restrictions apply.
“We are so proud to help provide great affordable apartments to well-deserved people in the state of Tennessee,” Michael Schocker, president of FOURMIDABLE, said in a release. “It’s a beautiful community, with incredible amenities that will make it a remarkable place to call home.”
FOURMIDABLE currently manages a total of 12 communities throughout Tennessee – in addition to Algood, it also announced the opening of communities in Bolivar, Morristown and Union City – plus an additional community under construction in Somerville that will open in late 2016.
Construction of the property was financed in part by $6.6 million in federal tax credits awarded by the Tennessee Housing Development Authority as part of the Low Income Housing Tax Credit program.
“Greenwood Place is a beautiful addition to the Algood community and a prime example of the type of affordable housing that THDA helps to finance in Tennessee,” David Pair, THDA’s legislative liaison, said at a groundbreaking in July. “Some jobs pay less than others, but those workers play an important role in the growth our local economy. Keeping our state going strong requires safe, affordable housing for people at every rung of the income ladder.”
