ATLANTA, GA / ACCESSWIRE / January 19, 2024 / For more than two and a half decades, Millennia Housing has been at the forefront of a transformative mission to provide affordable housing solutions across the United States. Since its inception in 1995, Millennia has tirelessly worked to enhance the lives and living conditions of families in historically neglected, low-income housing. The company’s commitment to this cause is evident in its extensive portfolio, which spans more than hundreds of multifamily residential communities across 26 states. The Millennia Companies revitalize these communities through sound financial strategies and partnerships, extensive property transformations, and dedicated community building.
Financial Innovation for Sustainable Communities
At the heart of Millennia’s mission is the strategic management and development of affordable and market-rate rental housing to ensure financial viability for lower-income residents. To keep its properties within reach for lower-income communities, the company employs a range of innovative financing structures, including tax-exempt and taxable bond issues, Low-Income Housing Tax Credits, state housing tax credits, soft subsidy loans, bridge loans, and private equity investments. This financial acumen empowers Millennia Housing to navigate complex landscapes, acquire new assets, and revitalize communities.
Remaining at the forefront of funding programs and tools, Millennia Housing works to ensure that properties entering or remaining in its extensive portfolio remain financially sound. This dedication aligns with the company’s commitment to serving as a devoted, long-term owner and manager of quality and affordable apartment communities.
Affordable Housing Advocacy and Community Transformation
Complimentary to the efforts undertaken by Millennia Housing to keep their communities affordable is their work ensuring that these properties are positive living environments. Millennia Housing acquires properties that have been historically neglected by former owners and has demonstrated a commitment of resources to revitalizing these communities. The following are examples of Millennia’s emphasis on rejuvenating communities and creating affordable housing options for families of all income levels:
- Azure Estates (Riviera Beach, Florida): Millennia Housing transformed Stonybrook Apartments into Azure Estates with a $79 million investment, achieving a remarkable revitalization. The extensive rehabilitation, completed in April 2022, not only upgraded the housing but also reduced crime in the community, resulting in a 51% decrease in service calls.
- Watterson Lakeview Apartments (Louisville, Kentucky): Millennia preserved 184 units of affordable housing in Louisville through a $7 million rehabilitation at Watterson Lakeview Apartments, originally built in 1973. The collaboration with key partners included substantial improvements, making it a testament to Millennia’s commitment to enhancing living conditions and addressing the critical need for affordable housing.
- Savannah Landing (Tulsa, Oklahoma): In 2016 and 2017, Millennia revitalized Savannah Landing with a nearly $14 million comprehensive rehabilitation. The project upgraded kitchens, bathrooms, roofs, windows, and landscaping, while also implementing enhanced security measures. Leveraging financing tools and collaborating with partners, Millennia successfully transformed Savannah Landing into a renewed community.
- Line Creek (Kansas City, Missouri): Millennia’s acquisition of Line Creek in 2019 preserved 152 units of affordable housing in Kansas City. With a $26.9 million rehabilitation project, the property underwent extensive upgrades, resulting in reduced police service calls, increased community engagement, and improved resident quality of life.
- Villages of Hanna: With a $17.5 million investment, Millennia transformed the Villages of Hanna into a renewed haven for families. The community underwent a remarkable rehabilitation, featuring redesigned one, two, and three-bedroom apartment homes. The efforts extended beyond cosmetic improvements, addressing essential aspects for residents’ comfort and convenience.
- Valencia Way: As part of Millennia’s comprehensive revitalization effort, Valencia Way, their largest complex, received a $94 million investment. This strategic endeavor created a new community center to provide various resident services, earning praise from government officials and industry partners. Millennia’s holistic approach continues with the purchase and renovation of three additional properties in the area, solidifying its impactful role in making affordable housing accessible and improving community well-being.
Community Excellence Recognized and Celebrated
Millennia Housing’s commitment to providing high-quality affordable housing is evident in the intentional community-building initiatives implemented at several of their properties. Programs include clothing and grocery assistance (including wellness supplies), community gardens, crime prevention seminars, cooking classes, and homework help for the youth. The Jacksonville, FL locations, Valencia Way, Palmetto Glen, The Weldon, and Calloway Cove, even planned back-to-school events, while at Azure Estates in Riviera Beach, FL, Millennia Housing garnered the support of the local city council and police department and partnered with Urban Youth Impact to throw a holiday event that included snowballs (In Florida), snowcones, and enough presents that every kid in the community received every item on their list.
As another key initiative, Millennia has been actively promoting community health through educational initiatives and health fairs. These fairs serve as vital interventions, offering free medical services, health education, and valuable community resources to underserved populations. Beyond the event itself, health fairs have proven effective in encouraging attendees to follow up with physician referrals, enroll in health insurance, and make lifestyle improvements based on the information provided. The commitment to health literacy and preventive medicine aligns with Millennia’s broader mission of fostering well-being and addressing health disparities within the community.
Recognition for The Efforts of Millennia Housing
Millennia Housing‘s unwavering dedication to community revitalization is highlighted by its numerous accolades, notably showcased through the Northern Ohio Apartment Association (NOAA) Key Awards in 2022. Recognizing outstanding curb appeal and community excellence, Millennia’s properties secured prestigious honors, with 19 communities achieving the Platinum Overall Community Appeal Award Level, including 12000 Edgewater, 75 Public Square, and Abbott’s Manor. Seven communities received Gold awards, such as Grovewood Manor and Heritage Apartments, while an additional six earned Silver awards.
With properties like Hayes Manor, Villages of Franklin Crossing, and The Statler achieving the coveted 100% Club status, these accomplishments not only underscore Millennia’s commitment to providing positive living experiences but also highlight the meticulous efforts of each recognized community, The Millennia Companies’ mission-driven approach and dedication to community excellence collectively contribute to revitalizing and enriching the lives of residents across the nation.
CONTACT:
Andrew Mitchell
media@cambridgeglobal.com
SOURCE: Cambridge Global
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