Home ♃ Recent Stories ☄ State agency approves $17M in tax credits for Loveman Village redevelopment

State agency approves $17M in tax credits for Loveman Village redevelopment

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Loveman Village

 

 

 

By Joseph D. Bryant

Housing Authority of the Birmingham District

Loveman Village
Loveman Village

 

The Alabama Housing Finance Tax Authority has approved $17 million in tax credits to begin redevelopment of Loveman Village in Southwest Birmingham.

Michael Lundy, President/CEO of the Housing Authority of the Birmingham District, called the 9 percent tax credits a critical component of the $79.6 million total plan to recreate the neighborhood in Birmingham’s Titusville community.

 

“These tax credits will allow us to redefine Loveman Village and begin a new era for affordable housing in the city of Birmingham,” Lundy said. “[This] is a great day for our residents, for Titusville and for all of the Birmingham.”

 

The redevelopment will occur in four phases. The tax credits will help fund replacing the first 100 units at the existing Loveman Village site.

 

The plan includes demolishing the 61-year-old Loveman Village site and replacing it with contemporary, less-dense housing with modern amenities and greenspace.

 

The 500-unit Loveman Village will eventually be transformed into a 220-family neighborhood with a look that complements the Titusville Neighborhood.

 

Hollyhand Development of Northport is HABD’s developer partner.

The existing Loveman site will have less units, ending the antiquated version of high-density public housing.

 

Lundy has pledged transparency and collaboration with all stakeholders during the process.

 

“We want to be good neighbors and strong partners in growth and development throughout the city,” Lundy said. “We are transparent and we’re going to let the communities play a role in what we’re doing.”

 

Birmingham Councilwoman Sheila Tyson hailed today’s announcement.

 

“We’re going to rebuild not only Loveman Village but this entire area,” said Tyson, whose district includes Loveman Village and Titusville. “We’re going to have an entirely new outlook. We are changing people’s lives and people’s mindset.”

 

Tyson said the new approach to affordable housing creates inviting spaces that people will proudly claim as home.

In addition, Tyson praised Lundy’s plan to present a stronger focus on self-sufficiency programs. Residents who are enrolled in the HABD self-sufficiency program, and jobs and education initiative will receive priority in moving into the new development, Lundy said.

The HABD Board of Commissioners will hold its next regular board meeting June 20 at Loveman Village to share details of the redevelopment with residents and the general public.

 

Board Chair Cardell Davis said the meeting will also be a time of celebration now that long-sought redevelopment is arriving at Loveman Village.

 

“Receiving those tax credit means we can make this a reality,” he said. “It took the collaboration of the Housing Authority, Mayor William Bell and the City Council, along with the state and federal government to make this happen. It’s a lovely day in the city of Birmingham.”