HUNTSVILLE, Ala. — Pennrose, the Huntsville Housing Authority (HHA), BLOC Global Development Group (BLOC) and other project partners have opened Stoneridge Villas Phase II, which adds 65 affordable seniors housing units to the Stoneridge Villas development at 1700 Balch Road.
With the completion of the second and final phase, Stoneridge Villas now features 145 units and supportive services on a 21.7-acre site.
Stoneridge Villas Phase II includes a mix of one and two-bedroom units for seniors in cottage-style buildings. All 65 units will be fully adaptable, with five apartments wheelchair-accessible and two outfitted for residents with hearing or vision impairments.
All units are available to seniors with incomes at or below 60 percent of the area median income, roughly $41,220 for a one-person household in Huntsville. The community is located near grocery stores, retail, shopping and recreation.
According to the National Low Income Housing Coalition, there is a shortage of more than 86,000 affordable rental homes in Alabama and nearly a quarter of all extremely low-income renter households in the state are seniors.
Financing for Phase II was provided by low-income housing tax credits (LIHTCs) allocated by the Alabama Housing Finance Authority and tax-credit equity syndicated by Hunt Capital Partners, as well as debt provided by PNC Bank and the Huntsville Housing Authority.
Stoneridge Villas Phase I opened in September 2019.