On Tuesday, August 23rd, Edgewater Terrace celebrated a grand reopening; the property underwent major renovations using Low Income Housing Tax Credits (LIHTC).
Affordable housing projects often do not have the resources for necessary updates, which makes LIHTC imperative to helping a project succeed. It took two rounds of applications before winning the award, but Edgewater Terrace had the full support of the community.
“[Edgewater Terrace] is a property that had been tax-exempt, but because of the renovations it comes back on the tax roll,” Greg Buckley, the City of Two Rivers Manager, said in the Grand Reopening Celebration on Tuesday. “It meets the needs of 40 families from the area with very safe, affordable, and very nice housing. It was really a win-win.”
Read the Herald Times Reporter article here to learn more about the Tax Credit Rehabilitation at Edgewater Terrace.