Madison Ave Apartments Development

Madison Avenue Apartments

Madison Avenue Apartments is a 79-unit preservation and rehabilitation project located in Richmond, KY. Originally built in 1980, the community has long served low-, very low-, and extremely low-income families, with 100% of units supported by a HUD Project-Based Section 8 HAP Contract. A joint venture between Bywater Development Group, Double Eagle Developing, and SOCAYR, Inc. is now leading the redevelopment to ensure these affordable homes are preserved and modernized for decades to come.

The project includes 24 one-bedroom, 40 two-bedroom, and 15 three-bedroom units. Thanks to a successful Low-Income Housing Tax Credit (LIHTC) award and the addition of GRRP-Elements funding, the development team will deliver significant upgrades focused on sustainability, energy and water efficiency, accessibility, and long-term resiliency. All units will receive new kitchens, bathrooms, energy-efficient HVAC systems, LED lighting, and ENERGY STAR appliances. Select units will be fully accessible for residents with mobility or sensory impairments.

The community and office building will be enhanced with new gathering spaces, including a resident community room and accessible pathways. Exterior improvements include new roofs, windows, siding, sidewalks, and landscaping. GRRP funding also enables upgrades like high-efficiency EnergyStar windows, enhanced envelope sealing, low-flow plumbing fixtures, and use of responsibly sourced materials.

Backed by a committed development team, Madison Avenue Apartments will continue to provide safe, dignified, and modern affordable housing while preserving critical rental assistance in a high-demand region.

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