HEBRON, KY, August 25, 2022 – Sparrow Ridge is a new affordable community with 96 apartments for residents age 55 or older who earn between 30 and 80% area median income (AMI). Sparrow Ridge was co-developed by nonprofit Housing Services Alliance and affordable housing leader Woda Cooper Companies, Inc. The affordable development was made possible in part by Low-Income Housing Tax Credits (LIHTCs) allocated by Kentucky Housing Corporation (KHC).
Development of the $18.9 million community helps to address Northern Kentucky’s increasing need for expanded affordable housing options, particularly for independent seniors on fixed incomes. A Grand Opening and Ribbon-cutting to celebrate the new community was held today at the site at 2375 South Park Drive in Boone County.
“I am so excited that our senior residents will have another option for housing that is affordable, well planned and designed to meet their needs. I especially like the grandchild playrooms and the affordability components of the development,” said Boone County Judge Executive Gary Moore.
Apartments in the 4-story building feature open-concept living spaces with contemporary, attractive finishes, including luxury vinyl tile flooring, quality cabinetry and trim, and large, energy-efficient windows. Apartments have kitchens with ENERGY STAR appliances, including dishwashers.
“Older, outdated properties often lack items seniors look for like elevators, wider doorways, and units with accessible bathrooms,” said Tammy Stansbury, Woda Cooper’s Vice President – Development, who led the development for Sparrow Ridge which has two elevators and allows residents or visitors to enjoy barrier-free access throughout the facility. There are ten apartments currently configured for residents with physical challenges and two units have features for those with sight and hearing disabilities.
“If needed, all the units can be adapted to accommodate those with physical disabilities,” said Stansbury. “Housing with these age-in-place features is in very tight supply in North Kentucky so this is a welcome addition to the housing stock.”
Community amenities include a spacious community room with kitchenette, a computer room, a playroom for grandchildren, laundry, fitness center, craft room, and green space with picnic tables, grills, garden, and a bocce ball area.
Rents for Sparrow Ridge range from $404 to $995, depending on size of unit and income restriction. The allocation of LIHTCs was critical in order to maintain affordable rents. “Kentucky Housing Corporation was proud to support Sparrow Ridge Limited Partnership and Woda Cooper Development on this innovative project by allocating nearly $1.5 million in Low Income Housing Tax Credits for this development. For the last 50 years, KHC has worked with partners across the state to provide residents affordable, comfortable and stable housing, and this development not only adds 96 affordable housing units for Northern Kentucky seniors, but it also uses energy efficient and green technologies,” said Winston Miller, executive director and CEO.
Affordable housing investor CREA LLC purchased the tax credits in exchange for equity financing. “As the 49th property that we’ve closed with Woda Cooper Companies, we value the continued partnership and positive impact this seasoned development team has made in this community and many others like it across the country,” said Mike Boyle, SVP, Acquisitions. “Sparrow Ridge will bring 96 affordable homes to seniors in the Northern Kentucky and Greater Cincinnati area, as well as opportunities for residents to connect with neighbors, family and friends in the abundant community green spaces and amenities.”
Cedar Rapids Bank & Trust provided a permanent first mortgage. “Supporting the development of new affordable housing options is critical in our mission as a lender supporting neighborhoods and communities. We are pleased to provide financial support to Woda Cooper Companies for Sparrow Ridge. This is a great new addition to Hebron, Kentucky, providing 96 affordable rental homes for seniors,” said Michael J. Goerdt, Vice President, Specialty Finance Group, Cedar Rapids Bank & Trust.
Fifth Third Bank also was financial partner for Sparrow Ridge, providing a construction loan. “At the Fifth Third Community Development Corp. and Fifth Third Bank we are committed to working with partners across our footprint to help bring affordable housing and positive neighborhood transformation to our communities. We are excited to play a role in Sparrow Ridge project which will bring 96 units of much needed affordable housing to Boone County,” said Justin Marshall, Senior Vice President, Community Development Lending Group Head, Fifth Third Bank.
Architect for Sparrow Ridge is Grimm Architecture, with engineering by Hagen Engineering. Woda Construction, Inc. is general contractor and Woda Cooper’s management division oversees day-to-day operations at Sparrow Ridge, including leasing, property maintenance, and ongoing management to assist residents. For more information, www.wodagroup.com or (859) 250-0691.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family apartments, senior communities, and single-family homes. The company marked 30 years in business May 2, 2020, with operations in 16 states and a portfolio of approximately 400 communities and 16,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 10th in nation among Developers and 17th among Owners in 2022.
