LIHTC program plays role in renovations of Bristol’s Mountain View Apartments

WASHINGTON, D.C. – May 14, 2015 – (RealEstateRama) — Elected officials and community leaders joined representatives from government agencies and LHP last week to dedicate a multi-million dollar renovation of Mountain View Apartments in Bristol, Tenn.

The renovation was carried out in part with $656,000 in Low-Income Housing Tax Credits made available to LHP, formerly known as LawlerWood, through Tennessee Housing Development Agency.

The tax credits were used to rehabilitate the Section 8 apartments with new windows and siding, a new parking lot and site lighting. A new playground and improved leasing office and community-computer room were included in the project.

Each of the complex’s 94 units also received new HVAC systems, plumbing and Energy Star-rated appliances.

LHP President W. Carr Hagan said his company’s investment would have a positive impact on the economy of the community Mountain View serves.

“We believe that the investment into Mountain View will not only serve to upgrade affordable housing stock in the area, it can also become a real plus in the future economic development of the neighborhood, the city and the region,” Hagan said.

Bristol, Tenn. Mayor Lea Powers said city officials welcomed LHP’s efforts to make improvements in Bristol’s Avoca community.

“I can’t tell you how much it means for this investment to be made in this community,” Power said. “LHP has choices as to where it can go and use its talents and resources and we feel very fortunate and blessed they have chosen to come to Bristol.”

Mountain View Apartments are an example of the quality rental housing constructed throughout the state with the assistance of THDA-administered Low Income Housing Tax Credits.

For more information on Low Income Housing Tax Credits, visit www.thda.org.