Archives
 By  Staff Reports news Published 
3:22 am Wednesday, August 28, 2002

New apartments offer affordable housing

By By Thomas Tingle
Record Managing Editor
Some 48 Madison families in Madison are now living in better housing thanks to the Alabama Housing Finance Authority's Housing Credit program.
The newly constructed Eagle Pointe Apartments, located off Royal Drive, offer 48 units for low to moderate-income families in the area. The Madison complex was built with the benefit of $304,227 in housing credits. AmSouth Bank of Huntsville provided $1.6 million in additional funding for the development.
Karen Echols, manager of Eagle Pointe, said all 48 units are occupied. The complex offers two and three bedrooms at $500 per month for a two-bedroom unit and $580 per month for a three-bedroom unit.
"Our complex was completed last December and we've been fully occupied since May," Echols said. "We are very proud of this complex and it will be maintained to the highest standards as long as I'm the manager here."
Eagle Pointe offers a pool and playground and a newly opened computer resource room. Echols said a few minor details are being worked out on the computers now.
The credit program encourages business interests to increase the supply of rental housing for economically disadvantaged families. It provides a dollar-for-dollar reduction in federal tax liability for developers of income-restricted housing. In exchange, the developer must reserve at least 20 percent of the units for residents who earn 50 percent or less of the area median income or 40 percent of the units for residents who earn 60 percent or less of the area median income. A family of four can earn up to $36,360, while the limit for couples is $29,100.
Echols said the blend of residents living at Eagle Pointe range from singles, to couples and families.
"For those who are interested in living in an apartment complex like this can look in an apartment guide and look to see if it is a tax credit property," Echols said.
Congress established the program as a financial incentive in 1986.

Also on The Madison Record
Space Command relocation to Huntsville to bring area growth
A: Main, Madison County Record, News, ...
Staff Reports 
September 10, 2025
HUNTSVILLE — Officials expect at least 1,400 jobs to be directly added to the north Alabama area with the U.S. Space Command Headquarters permanently ...
Newly elected Madison mayor to depart US Chess role
Madison County Record, News, The Madison Recor, ...
Ranae Bartlett was named US Chess Executive Director in 2024
By JOHN HARTMANN US Chess Press 
September 10, 2025
MADISON - It is said that no one can serve two masters. And so US Chess Executive Director Ranae Bartlett is trading Caïssa for the people of Madison,...
Triana Fire Department train for medical helicopter operation
Madison County Record, News, The Madison Recor, ...
Gregg Parker 
September 10, 2025
TRIANA – Firefighters who work in Triana Fire Department recently accomplished a new milestone in their training to serve and protect their town. On-s...
Itty Bitty Bakers sweetens the community with classes
Madison County Record, News, The Madison Recor, ...
By KADIE TAYLOR news@themadisonrecord.com 
September 10, 2025
MADISON - Sweeten your day, Itty Bitty Bakers offers baking classes for locals, from 18 months to adults. Itty Bitty Bakers owner Kayla Johnson has be...
Madison Visionary Partners to host Gather Madison, volunteers needed
Events, Madison County Record, News, ...
EVENTS
Gregg Parker 
September 10, 2025
MADISON – In its premiere in 2025, the Gather Madison event will unite residents of all backgrounds at one long table for a free, shared meal in the s...
Kids to Love to go “Over the Edge” for children in foster care Sept. 19-20
Events, Madison County Record, News, ...
Staff Reports 
September 10, 2025
MADISON - Bold, compassionate individuals will be going “Over the Edge” for Kids to Love during a thrilling two-day fundraiser where participants rapp...
The Madison Street Festival is less than a month away
Events, Madison County Record, News, ...
Gregg Parker 
September 10, 2025
MADISON – The first Saturday in October. That’s the day Madison residents turn out to visit with friends and neighbors, promote school groups, shop fo...

Leave a Reply

Your email address will not be published. Required fields are marked *