FLORENCE, KY (FOX19) - A groundbreaking ceremony was held Wednesday for a new affordable housing unit in Florence.
Magnolia Glen will be located on Memory Lane near the intersection of Frank Duke Boulevard and Dixie Highway. Opening in September 2013, the new 60-unit, five building development will be available for lease for rents ranging from $550 to $640 a month. The $10.4 million complex will have a clubhouse, business center and computer facilities, central laundry and onside management.
Northern Kentucky Community Action Commission will provide developmental and supportive services for residents at no cost.
Kentucky Housing Corporation, which administers the Affordable Housing Tax Credit Program in the state of Kentucky, allocated tax credits to the project in order to generate the capital needed to subsidize the development, allowing all units to rent at below market rates. U.S. Bank provided both debt and equity for the project.