MISSISSIPPI REGION VI RAD

Leasing Office

2180 Terry Road, Jackson, MS 39204
601-674-0641

New Construction (Under Construction)

Rehabilitation

Rehabilitation

Rehabilitation (Formerly Sugarhill Estates)

Formerly Hermanville Estates

Rehabilitation 

Rehabilitation

New Construction (Under Construction)

DETAILS:

Scattered-Site:
Edwards, Pearl, Hermanville, Port
Gibson, Canton, Yazoo, Jackson & Tchula
Number of Units: 258
Total Development Cost: $57,633,930
Development Type: 4% LIHTC / Bonds/HTF
Development Partner:
Mississippi Regional Housing Authority VI
Project Type: Multi-Family + Elderly Preference
Construction Jobs: 633
Permanent Jobs: 37

SOURCES:

Perm Debt: $13,800,000
Equity: $16,809,792
Construction Debt: $26,800,000
Partner Loan: $6,231,300
Seller Take-Back: $16,155,000
Developer Fee: $3,387,838
Home/HTF Loan: $750,000

Total Sources: $57,633,930

PROJECT NARRATIVE:

Mississippi Region VI RAD, LP is a 136-unit acquisition/rehabilitation single and multi-family development that includes an additional 122 units of new construction for families and the elderly. The development is scattered on nine (9) separate sites in six (6) different counties encompassed within the Mississippi Regional Housing Authority VI service area. This project is a Rental Assistance Demonstration program redevelopment effort working to transform former public housing into affordable housing developments that will serve a broader spectrum of the affordable housing population.
Mississippi Region VI RAD is 100% affordable (i.e. for families whose income is at or below 60% of the area median income, with at least 25% at or below 30% AMI inclusive of 10% which is available for disabled persons targeted by the Mississippi Olmstead Initiative). Project Based Vouchers are available for 100% of the units

     Amenities & Upgrades:

  • Energy upgrade to HVAC
  • Water conservation methods
  • Bathroom renovations
  • New Doors, windows & lighting
  • Kitchen rehabilitation
  • Energy efficient appliances

PROJECT PARTNERS

Developer:
BGC Advantage

PHA:
MS Region VI

Contractor:
River City Builders

Architect:
DNA Workshop

Equity:
Redstone Equity Partners

Construction Bridge Loan:
Sterling Bank

Construction Perm Loan:
Cedar Rapids Bank & Trust

Management Company:
Standard Enterprises, Inc.

UNIT COUNTS & RENTAL RATES
(258 Total, 44 Olmstead)

Jessie Banks Homes - 22 Units

3 Bedroom  |  Units: 14
Contract Rent: $828

4 Bedroom  |  Units: 8
Contract Rent: $1069

Sam Estess Estates - 40 Units

3 Bedroom  |  Units: 40
Contract Rent: $720

Charley Patton Estates - 20 Units

3 Bedroom  |  Units: 20
Contract Rent: $712

Clarence Scutter Estates I - 14 Units

3 Bedroom  |  Units: 14
Contract Rent: $715

Clarence Scutter Estates II - 5 Units

3 Bedroom  |  Units: 5
Contract Rent: $729

Payton Garden Apartments - 40 Units

3 Bedroom  |  Units: 40
Contract Rent: $720

Ridgewood Estates - 17 Units

3 Bedroom  |  Units: 17
Contract Rent: $683

Hickman Heights - 100 Units

1 Bedroom  |  Units: 80
Contract Rent: $740

2 Bedroom  |  Units: 20
Contract Rent: $880