Overcoming Rural Housing Challenges

Located approximately 115 miles east of Knoxville in Elizabethton, Tennessee, Evergreen acquired the 100-unit family apartment complex known as Lynnwood Apartments.  Originally built in 1978, Evergreen addressed the property’s many capital needs through a 4% Low-Income Housing Tax Credit transaction and tax-exempt bonds. In order to secure tax-exempt bond financing, Evergreen was able to help facilitate the re-establishment of the Elizabethton Health and Educational Facilities Board, which approved the bond issuance.  The property was substantially rehabbed with a major facelift to the exterior of all 13 garden-style residential buildings, new roofs, repaving the parking lot, replacement of exterior lighting, renovation of unit kitchens and baths, installation of high-efficient furnaces, new Energy Star appliances and a new computer lab, extending the useful life of the property and the affordability for the long term.