May 25, 2021
Trinity Lake is a 56-unit affordable housing development for families in Phenix City that become the first AHFA development to close its National Housing Trust Fund loan.
In addition to the $449,160 in HTF funds allocated to Trinity Lake, the development also received $1.6 million in HOME Investment Partnerships Program funds and $859,085 in Housing Credits, both administered by AHFA to help finance its construction.
AHFA recently spoke with developer Fred Bennett, managing partner of The Bennett Group, and Brian Hollyhand, president of Hollyhand Companies Inc., to get more information about Trinity Lake.
Q: Trinity Lake received National Housing Trust Funds in exchange for setting aside three units for families with extremely low incomes. What challenges were presented by incorporating HTF into the development’s financing structure?
A: (Fred Bennett) The HTF program was structured as a forgivable loan in the year in which we applied, which had adverse tax consequences to the investor. Mitigating this adverse tax consequence was a challenge.
Q: How were you able to utilize HTF to benefit the Trinity Lake development?
A: (FB) As COVID and rapidly increasing costs threatened the financial feasibility of the project, the HTF funds, along with some favorable financing from United Bank, helped immensely.
Q: Who does the development serve?
A: (FB) This is a family-oriented property and features a children’s play/activity room. This hasn’t been utilized during the COVID year, but we’re expecting to host some kids’ activities and after school programs soon.
Q: What, in your mind, is special about the development?
A: (FB) One of the things that makes Trinity Lake special is that it is sited adjacent to Webb’s Pond. We wanted to reflect in the project’s colors a kind of “water/lake/nautical” theme. To me, what is most special about this property is it’s county feel next to the pond; it’s quiet and rural and yet amazingly convenient to shopping, services, and jobs in both Phenix City and Columbus.
Q: What are some ways that you are keeping residents engaged while community group activities are on hold?
A: (Brian Hollyhand) Management stays in communication with residents and provides a monthly newsletter.
Q: How are management and the residents coping with the pandemic?
A: (BH) Adjustments were made in procedures during the initial lease-up phase of the property, but most operations have returned close to normal as the situation has greatly improved the last several months.
