The first permits for a major renovation of the 120-unit Meadowlane Apartments, Tamassee Lane, in West Rome, have been approved for LHP Capital LLC of Knoxville, Tennessee.
“The request for a building permit is another step forward in LHP’s plan to acquire and preserve Meadowlane Apartments as affordable housing for families in Rome for years to come,” said Carr Hagan, president of LHP Development. “We’ll spend on average $50,000 to remodel and upgrade each apartment with new appliances, new floors and modern fixtures. However, residents will not see an increase in their out-of- pocket rent.”
The Northwest Georgia Housing Authority agreed in February to issue bonds, to exceed $10 million for a major renovation of the apartment complex. Stewart Duggan, the attorney for the housing authority, said the closing of the bond package is not expected to take place until December and he was not aware of what the final request for funding would be.
Rome-Floyd County Building Inspection Director Howard Gibson said the permits that have been approved are for work on 13 buildings and are valued at approximately $6 million.
“Some of our financing processes hinge upon having evidence of local building permit approval. We’re on track, and once financing approval processes are complete, we expect to close,” Hagan said.
LHP currently operates more than 50 low-moderate income housing developments across Tennessee and Kentucky.
NWGHA Executive Director Sandra Hudson said the housing authority was at one time interested in becoming a minor-
ity partner in the project; however, LHP opted to take full responsibility for the rehabilitation, ownership and management.