803 Vanity Fair Avenue

• Pebble Creek in Butler, Alabama, is a 24-unit Low Income Housing Tax Credit (LIHTC) family community that was placed-in-service in 2000. The Property exited the initial compliance period in 2015 and has 12 years remaining on the extended use period (2035). This well-maintained community consists of eight one-bedroom units, eight two-bedroom units, and eight three-bedroom units. The Property is located in an Opportunity Zone.
• The offering presents the opportunity to acquire the best quality affordable housing in the Town of Butler through the assumption of the underlying Alabama Housing Finance Authority Loan with a 1% interest rate.
• Butler is a small, rural community about 90 minutes south of Tuscaloosa, Alabama, two hours north of Mobile, Alabama and two hours east of Jackson, Mississippi. Pebble Creek is located just over one mile away from the center of town. Butler is bisected by state routes 10 and 17. Butler serves as the county seat for Choctaw County and is home to the region’s general hospital, Ochsner Choctaw General.
• As stated above, the low interest rate loan provided by the AHFA is assumable. The maturity date of the loan is November 12, 2026, and the potential buyer could refinance with a traditional lender or possibly work with the AHFA on an extension or new low interest loan.

Property Description