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View Park, Louisville, KY |
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The City View Park area was once one of the country's capitals of jazz
and blues, and the neighborhood of Muhammad Ali. But by 1994, along
what is now Muhammad Ali Boulevard, crime and neglect had overwhelmed
the neighborhood. At the request of residents, Telesis planned and
financed the redevelopment of 503 townhomes.
Telesis
secured $21.4 million in equity through the sale of low income housing
tax credits. Ten Louisville banks provided an $8.8 million bridge loan
facility, and the City of Louisville pledged an additional $2.8 million
in federal funds which has been repaid. At a total cost of $33.7
million, this complex redevelopment came in on time and on budget.
The
partnership between Telesis and residents includes learning and job
training programs, and community building. Residents from all over
Louisville converged to help build three sprawling and beautiful
playgrounds at City View Park.
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