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Flint River Apartment Homes. (Courtesy photo)

A new affordable housing community is now leasing to families with low-to-moderate income levels in the Huntsville area.

Atlanta-based TBG Residential and Neighborhood Concepts recently received a Certificate of Occupancy to operate Flint River Apartment Homes, a $10 million project off U.S. 431 at 388 Wade Road. The 100,000-square-foot development targets residents whose incomes are at or below 60 percent of the area median income for family size.

One bedroom units range from $494 to $690, two bedrooms $594 to $785, and three bedrooms $799 to $835. Neighborhood Concepts Executive Director Mary Ellen Judah said Flint River is an option for working families who struggle with today's housing market.

"Low-to-moderate working families were hit hard during the 2008 recession and have had the most difficulty recovering," she said. "As housing costs rise, these families struggle to find quality affordable housing in desirable neighborhoods."

Judah said Flint River was partially financed with a $325,000 HOME loan from the City of Huntsville's Community Development Department. The Alabama Housing Finance Authority and Regions Bank also funded the 72-unit project.

Flint River has a clubhouse, pool, computer center and fitness room. For information about leasing, residents can call 256-417-4272.

Earlier this year, Neighborhood Concepts and TBG began leasing another affordable development called Clarkston Square. The $9 million apartment community, which is off Meadowbrook Drive next to the new Grissom High School, is open to senior citizens, many of whom are on fixed incomes.

The city provided a $385,000 loan to build Clarkston Square. Other funding sources included Low Income Housing Tax Credits, a HOME Loan from the Alabama Housing Finance Authority, and financing from Regions Bank.

Neighborhood Concepts is a nonprofit that strengthens communities by offering affordable housing and fostering economic opportunities. The group provides microloans to north Alabama small businesses with more flexibility than most regulated financial institutions.