BY EARNEST WINSTON
The Cincinnati Enquirer
FLORENCE -- A Georgia-based company may drop its plan to build affordable housing on Pleasant Valley Road because city leaders declined to support the project.
Ambling Cos., a real estate development and management company based in Valdosta, Ga., sought a letter of support from Florence City Council to construct 88 units.
Current zoning permits multifamily housing; thus, Ambling doesn't need support from the city to build 40 units on the 14 acres. The Kentucky Housing Corp., which would issue tax credits, requires that developers who want to build more than 40 units obtain support from local municipalities.
City council decided Tuesday not to support the project, hurting the company's chances of receiving tax credits from the housing corporation.
"We didn't feel like it was in the city's best interest, or (in the interest of) the specific citizens in the vicinity where the facility would be constructed, to support the tax credit request," said Councilman Dale Stephens. "We just don't feel like it's a good location for that type of housing project."
Council members said many residents opposed the project proposed for just off Pleasant Valley Road, north of U.S. 42 and near Collingwood Court.
Mitchell Davenport of Ambling Cos. said his company was disappointed by the city's decision. "But that happens. That's the development business," he said
Mr. Davenport, who tried to win council's support at Tuesday's meeting, said the company is re-evaluating its options, including whether it still wants to build 40 units. The tax credits would be used to finance the project and reduce the company's debt, he said. According to Ambling Cos., people living in Ashton Meadows Apartments would be those who are employed and have a good credit record, pass a background check, and have an income that is less than 60 percent of the area's median income.
The proposed rent for the apartments is $415 for one bedroom, $490 for two bedrooms, and $560 for three bedrooms.
The developer said if the company is able to build only 40 units, there's a slim chance it would be able to provide amenities such as a swimming pool, a community building, a tot lot and a playground. "We're debating exactly what we want to do," Mr. Davenport said. "The site met our needs. It was a good location."
Ambling Cos. and its principals have developed and constructed more than 60 apartment communities over the past 10 years.
