ATLANTA, GA – 21/01/2024 – (SeaPRwire) – In a legacy spanning more than two and a half decades, Millennia Housing has emerged as a trailblazer in the pursuit of transformative affordable housing solutions across the United States. Since its establishment in 1995, Millennia has ceaselessly dedicated itself to improving the lives and living conditions of families in historically neglected, low-income housing. The company’s unwavering commitment to this noble cause is unmistakably evident in its expansive portfolio, encompassing hundreds of multifamily residential communities spread across 26 states. Operating under The Millennia Companies, the organization rejuvenates these communities through astute financial strategies, strategic partnerships, substantial property transformations, and an unyielding focus on community building.
Financial Innovation Fostering Sustainable Communities
At the core of Millennia’s mission lies the strategic management and development of both affordable and market-rate rental housing, ensuring financial viability for lower-income residents. To make their properties accessible to lower-income communities, the company employs a spectrum 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 prowess empowers Millennia Housing to navigate intricate landscapes, acquire new assets, and breathe new life into communities.
Remaining ahead of funding programs and tools, Millennia Housing diligently ensures that properties entering or remaining in its extensive portfolio maintain financial stability. This dedication aligns with the company’s role as a committed, long-term owner and manager of quality and affordable apartment communities.
Advocacy for Affordable Housing and Community Transformation
In tandem with their efforts to maintain affordability, Millennia Housing diligently works to ensure that its properties serve as positive living environments. Acquiring properties that have been historically neglected, Millennia demonstrates a robust commitment to revitalizing these communities. Several examples highlight Millennia’s emphasis on rejuvenating communities and creating affordable housing options for families of all income levels:
- Azure Estates (Riviera Beach, Florida): Through a $79 million investment, Millennia Housing transformed Stonybrook Apartments into Azure Estates, achieving a remarkable revitalization. The extensive rehabilitation, completed in April 2022, not only upgraded housing but also resulted in a 51% decrease in service calls, demonstrating a significant reduction in crime.
- Watterson Lakeview Apartments (Louisville, Kentucky): Preserving 184 units of affordable housing in Louisville, Millennia invested $7 million in the rehabilitation of Watterson Lakeview Apartments, originally built in 1973. The collaboration with key partners included substantial improvements, showcasing 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 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 2019 acquisition of Line Creek 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, community gardens, crime prevention seminars, cooking classes, and homework help for youth. Properties in Jacksonville, FL, including Valencia Way, Palmetto Glen, The Weldon, and Calloway Cove, even organized back-to-school events. At Azure Estates in Riviera Beach, FL, Millennia Housing collaborated with the local city council and police department, partnering with Urban Youth Impact to host a holiday event complete with snowballs (in Florida), snowcones, and enough presents to fulfill every child’s wish list.
As a key initiative, Millennia actively promotes 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. This 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 underscored by numerous accolades, prominently featured 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.
SOURCE: Cambridge Global
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