Elizabeth Square Apartments

Elizabeth Square is a 75-unit senior housing complex located in the City of Waverly. This preservation project, which began in November 2016 and was completed in October 2017, focused on significant renovations to enhance the quality of life for its residents.

The rehabilitation included critical updates such as masonry repointing, new windows, doors, and roofing. All apartments were upgraded with new ENERGY STAR appliances, updated flooring, and modernized kitchens and bathrooms.

Funding for the project came from several sources: the HFA tax-exempt bond program, 4% Low-Income Housing Tax Credits, an HFA Subsidy Loan, and a Community Investment Fund Loan. The existing M2M Debt was partially paid down, with the remainder assumed, and additional financing came from existing project reserves and income from operations.