The public is invited to an open house and ribbon cutting ceremony at Madison Towers Apartments located at 225 N. Madison Ave. on Tuesday, Oct. 17 from 2 p.m. to 4 p.m. The ribbon cutting ceremony, which will take place at 3 p.m., marks the official completion of an $8.3 million renovation of the 102-unit affordable rental housing community for seniors 62 and older and people with disabilities.
The renovation which began in late 2015 was the first for the 35-year-old building and took about 12 months to complete, according to David Arning, vice president of LHP. While the building did not change substantially in terms of its exterior appearance, the interiors and apartments were completely transformed.
“Every apartment was renovated from top to bottom,” said Arning. “It’s great to take an apartment community that is in a perfect location for senior citizens and make it inviting and new again so that residents can be proud of their homes.”
The extensive renovations to the apartments included installing new kitchen cabinetry with quartz countertops and luxury vinyl plank flooring throughout. Each unit was upgraded with new appliances to include Energy Star refrigerator and dishwasher, range with fire stop suppressors, microwave/vent combo and new sink with garbage disposer.
Other improvements included new bathroom porcelain tile flooring and vanities with cultured marble sinks, renovated closets with vinyl coated shelving, and energy efficient lighting and modern fixtures in every room.
Arning said that it is important to LHP to provide environments residents are happy to call home.
Twenty-five percent of the apartments were rehabbed specifically to meet accessibility guidelines of the Fair Housing Act Design Manual. Other units were made fully accessible for persons with physical disabilities, including three units equipped for sight and/or hearing impaired occupants. Modifications included adding such items as entry door and smoke detector systems with audible and visual alarms, and roll-in showers and front controlled appliances.
To assist with the acquisition and renovation of the apartments, the Kentucky Housing Corporation allocated $989,000 of annual low-income housing tax credits (LIHTC) to the project. Financing also included approximately $10 million of LIHTC equity from Boston Financial Investment Management and a $3 million FHA 221(d)(4) mortgage originated by Walker & Dunlop LLC.