Mississippi Region VI RAD Project Photos

Hickman Heights – Jackson, MS

Ground Breaking Site – 150 Angle Drive, Jackson, MS 

Mississippi Region VI RAD

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

 

Sources:

Perm Debt: $13,800,000 — Cedar Rapids Bank  & Trust
Equity: $16,809,792 — Redstone
Construction Debt: $26,800,000 – Sterling Bank
Partner Loan: $6,231,300
Seller Take-Back: $16,155,000
Developer Fee:
$3,387,838
Home/HTF Loan (MHC): $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 which 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 will be 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 will be 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 will be available for disabled persons targeted by the Mississippi Olmstead Initiative). Project Based Vouchers will be available for 100% of the units.

The development will be entirely smoke-free, will provide a host of “green” features as well as a major renovation of the building systems, windows, roof replacement, updated HVAC, new flooring, exterior and interior painting, new doors, lighting, new appliances, landscaping and signage for marketability, updated 504 compliance, and  renovated bathrooms and kitchens.  The development will include enhanced community space at several of the project sites which will allow community services designed to increase resident opportunities for self-sufficiency.  Educational programs will be geared to help renters become homeowners.   

The project redevelopment will be managed by the combined efforts of BGC Advantage, LLC (master developer) and the Mississippi Regional Housing Development Corporation.  River City Builders, Inc. will serve as the project General Contractor and Dyke Nelson Architecture dba DNA Workshop will serve as the project Architect.