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Affordable Rental Housing possible for Lebanon

A project that could bring affordable rental housing to Lebanon was presented to Lebanon City Council on Thursday night. Bridge Builders and Affordable Housing Development Corporation, presented a plan to build as many as 120 homes in the area of Beck Lane. Jim Carroll with Affordable Housing Development presented the plan to Lebanon City Council on Thursday.

 

He said they are going to apply for tax credits and depending on what they are approved for they would build 45 to 50 in phase 1. Carroll said a percentage of the new houses would be set aside for special needs residents and 10 percent will be market-rate rents. The project would include 2, 3, and 4 bedroom houses on 37 acres which would include green space, sidewalks, walking trails, and a clubhouse resource center. At the low end a 2 bedroom house would rent for less than $450, and a 4 bedroom house would rent for just over $11-hundred a month. Carroll said they will apply for tax credits in September and expect to hear back in January. Could begin construction as early as May or June of 2022.

 

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