June 21, 2025
Mobile, Ala. (June 21, 2025) — AHEPA Senior Living, a leading nationwide provider of affordable multifamily housing for seniors, hosted a ribbon-cutting ceremony and open house on Saturday, June 21, to unveil the $10 million revitalization of AHEPA 310 Phases 5, 6, and 7 Senior Apartments in Mobile. The event was held at AHEPA 310 Phase 7 Apartments, located at 6430 Cottage Hill Road.
The extensive revitalization encompasses 175 units across three HUD Section 202 Supportive Housing for the Elderly Program communities, reaffirming AHEPA Senior Living’s commitment to providing safe, dignified, and affordable housing for very low-income seniors. The three communities are:
“This milestone represents a major step forward for our residents in Mobile,” President and CEO Steve Beck said. “Thanks to the support of our financing and HUD partners, we’ve enhanced the quality of life for residents at these three communities for the long term, delivering on our daily commitment to safe, dignified affordable housing and quality aging services for seniors.”
“Our residents are seniors living on limited incomes—many below 50% of the area median income,” Chairman of the Board Ike Gulas said. “Providing them with updated, safe, and supportive housing is more than a responsibility—it’s part of who we are as a mission-driven organization. As chairman, my aim is to position us to pursue more ‘RAD for PRAC’ deals for further preservation in Alabama and nationwide.”
AHEPA 310, Inc. Board President Christ Coumanis added, “Mobile has been part of our mission for decades—since 1985. We’re committed to helping seniors thrive right here. We consider ourselves a true partner of the community. This revitalization reaffirms that long-term commitment.”
This project, financed at $25 million, marks AHEPA Senior Living’s first revitalization completed through HUD’s RAD for PRAC (Rental Assistance Demonstration for Project Rental Assistance Contracts) conversion process. Through this program, nonprofit sponsors like AHEPA Senior Living can convert Section 202 PRAC contracts to long-term project-based rental assistance (PBRA), enabling access to financing tools such as Low-Income Housing Tax Credits (LIHTC) to complete substantial repairs and upgrades.
The project’s financing is comprised of a $11.8 million in tax-exempt bonds from the Alabama Housing Finance Authority, $7.39 million in low-income housing tax credit equity, and a $6 million HUD 221 (D)(4) mortgage loan.
AHEPA Senior Living manages 13 HUD Section 202 communities throughout the greater Mobile area, including Fairhope, Daphne, Citronelle, Theodore, Semmes, Bayou La Batre, and Saraland.
Founded in 1980, AHEPA Senior Living has developed and managed over 90 HUD Section 202 communities in 21 states and serves more than 5,000 older adults across the United States. In 2022, AHEPA Senior Living welcomed then-HUD Secretary Marcia Fudge to its Houston property, marking a historic first visit by a HUD Secretary to an AHEPA Senior Living community.
AHEPA Senior Living’s mission is to provide older adults with safe, healthy, and enriching affordable residential communities and quality services that allow them to thrive and enjoy peace of mind.
For more information, visit: www.ahepaseniorliving.org
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