Memphis-Based ALCO Management, Set to Complete Another Multi-Million Dollar Renovation in 2019: 2/6/2019

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February 06, 2019
Company focuses efforts on preserving affordable multifamily housing throughout Southeast
Memphis, Tenn. (February 1, 2019) - Memphis multifamily housing company, ALCO Management, is keeping its promise of providing quality, affordable housing for families. The latest in a number of recent renovations, Catawba Pines Apartments in Newton, North Carolina, is set for completion in September. The total development cost is just under $6 million.  Through the Section 8 and Low-Income Housing Tax Credit programs, all 68 units at Catawba Pines are reserved for families earning under 60% of the area median income. 
For two decades, ALCO has been active in using the Low-Income Housing Tax Credit program to develop affordable housing. In Arkansas, Kentucky North Carolina and Tennessee ALCO has successfully used tax credits in conjunction with tax-exempt bonds and other affordable housing funding mechanisms to acquire and renovate 33 properties totaling 3,831 units.
Built in 1980, Catawba Pines has provided quality affordable housing to local residents for over 35 years. The property offers a mix of one, two, three and four-bedroom units. ALCO is making several key improvements, including:
  • Upgrading the exterior with new siding, windows, doors, and roofs.
  • Interior renovations with new kitchens and bathrooms.
  • New energy efficient heating and air conditioning along with new insulation will further enhance resident comfort while reducing utility bills.
  • The renovation will also improve resident amenities at the property including the playground and picnic areas.
Key partnerships in the renovation include MMH Hall Architects/Planners, Inc., National Capital Investment, LLC, Love Funding Corporation, First Tennessee Housing Corporation and North Carolina Housing Finance Agency.
“We believe it’s important to preserve affordable housing for the generations to come,” said ALCO CEO Frank Jemison. “We are committed to providing quality places for families to live. Building community is our core value, and we’re achieving success with our renovation endeavors across the Southeast.”
Headquartered in Memphis, Tennessee, ALCO guides a portfolio of over 6,000 affordable and conventional apartments.
About ALCO Management, Inc. alcomgt.com
As one of the top affordable housing managers in the country, ALCO is dedicated to BUILDING COMMUNITY, wherever we operate. Since 1974, ALCO has successfully acquired, developed and managed thousands of apartments throughout the Southeastern United States. With a balanced portfolio of conventional and affordable properties, we excel at managing vibrant communities – places where people want to live. We create homes for families, students and senior citizens, and outstanding value for our investors- all while enriching the local neighborhoods. That’s our passion and we do it well.
Patricia Warren, Media Contact RedRover Sales & Marketing
(901) 487-5862

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