City of Mobile cuts ribbon on Greystone Place

Aug 27th, 2014

MOBILE, Ala. - Mayor Sandy Stimpson joined representatives of Greer Investments and the Alabama Housing Finance Authority on Wednesday to celebrate the ribbon cutting of Greystone Place Apartments, an affordable housing development located at 3446 Lloyds Lane in Mobile.

Greystone Place Apartments is a 56-unit apartment complex at the corner of Lloyds Lane and Girby Road. The development is a mix of 1, 2, and 3-bedroom units spread over seven townhouse-style buildings.

"The completion of Greystone Place Apartments brings Mobile another step closer to being the safest, most business and family-friendly city in America," said Mayor Stimpson. "It is located in close proximity to numerous community amenities, and it is a great example of the City leveraging its resources with private sector participation to provide this needed affordable housing. By fostering these partnerships, the City hopes to continue to improve quality housing options for all Mobilians."

The Greystone Place complex boasts a community room, an exercise room, a playground and splash pad for children, and a picnic area. All units in the development serve households at or below 60 percent of the area median income and will remain affordable for 20 years. The development is already fully occupied and has a waiting list.

Through its HOME Investment Partnerships Program (HOME), the City of Mobile provided a loan of $850,000 to be used for the construction and permanent financing of the development. The total cost of the project was nearly $8.3 million. Greystone Place Apartments received an allocation of Low Income Housing Tax Credits from the Alabama Housing Finance Authority along with a loan from Bank Independent. This financing partnership will allow rents to remain affordable while providing residents a safe and secure place to call home. Greer Investments is dedicated to strengthening neighborhoods through the development and management of quality, affordable housing.

The City of Mobile receives HOME funds from the U.S. Department of Housing and Urban Development (HUD). The HOME program provides formula grants to states and localities that communities use – often in partnership with developers – to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income individuals. It is the largest Federal block grant to state and local governments designed exclusively to create affordable housing for low and moderate-income households.

For additional information, contact the City of Mobile's Community and Housing Development Department at 251-208-6290.

###

Media contact:
George Talbot
Senior Director of Communications and External Affairs
City of Mobile
251-208-7950
George.Talbot@CityofMobile.org