Pennrose Properties gears up for phase II of Stoneridge Villas in Madison

HUNTSVILLE, Ala. (WAFF) - With the economic boom Madison County has been seeing for years, it can be hard to find affordable housing, especially for seniors.

To combat this problem, the Huntsville Housing Authority and Pennrose Properties have been working together to get Phase II of Stoneridge Villas up and running.

The Alabama Housing Finance Authority allocated low-income housing tax credits to make this project possible.

Stoneridge Villas Phase I was completed last year and has about 80 units. The developer says the Phase I villas have been fully occupied for months and there’s a waiting list for future openings.

Phase II will look similar to phase I, but there will be 65 units that look and feel like personal cottages.

In both phases, there are unique design features to help seniors live independently.

Senior developer at Pennrose Amon Martin says low income housing tax credits are critical to keep building.

“Huntsville and Madison County are no different than most cities and jurisdictions in the southeast and probably across the nation where the need for housing for the essential workers in the community at an affordable rate, ya know high quality housing, there is a huge demand and need for that,” Martin said. “And Pennrose wants to be a big part of solving and meeting this need and demand for housing in the city and the county.”

Amon says their goal is to have a groundbreaking towards the end of 2020 or by January at the latest.

The constriction of phase II will take about a year and should be ready for seniors near the end of 2021.

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