DOTHAN – Local, state and federal officials today joined investment and development partners to celebrate the groundbreaking of Capstone at Kinsey Cove Apartments – formerly Johnson Homes, in Dothan, Alabama.

The Dothan Area Chamber of Commerce representative, Hayden Camp, kicked off the ceremony by talking about the impact this development will have on the community.  “Affordable and accessible housing builds a better community and better lives. The Dothan Area Chamber of Commerce congratulates all that have worked hard to make the Kinsey Cove construction project a reality, and we look forward to celebrating new homes, new opportunities, and a strong economic impact for our city, stated Dean Mitchell, Executive Director, of the chamber.”

Post renovation, Capstone at Kinsey Cove will consist of 212 fully modernized apartments with unit sizes consisting of 1-, 2-, 3- and 4-bedroom units. The property renovations will include a full exterior modernization, as well as the addition of (2) playgrounds and a splashpad, along with a gazebo and grilling area for all residents.

“The Banyan Foundation team is proud to be a part of this transformational project. We are fortunate to have great development partners in the Dothan Housing Authority and Doug Hollyhand Realty, which will ensure the success of the project,” stated Rob Coats, CEO of The Banyan Foundation, Inc.

Many local organizations, financial institutions and government leaders played a role in developing this project.  Partners in the project include: Dothan Housing Authority, Doug Hollyhand Realty (Tuscaloosa), The City of Dothan, BBVA, Raymond James, and Bellwether Enterprises.

The apartment community was partially financed by equity raised from the Low Income Housing Tax Credit Program, as well as the Federal RAD (Rental Assistance Demonstration) through HUD.