NLR RAD Family Homes Project Photos

After (rendering) – Pine Crossing (Formerly known as Eastgate Terrace)
622 East 19th Street, North Little Rock, AR 72114
168 Units

Before – Eastgate Terrace

After (rendering) – Hillside Pointe (currently known as Windemere Hills)
1823 Crutcher Street, North Little Rock, AR 72114
75 Units

Before – Windemere Hills

NLR RAD Family Homes

North Little Rock, AR
Number of Units: 243
Total Development Cost: $31,909,600
Development Type: 4% LIHTC
Development Partner: North Little Rock Housing Authority
Project Type: Family/Rehabilitation

Sources:

1st Mortgage: $17,475,800
Partner Loans: $2,425,000
Seller Take Back: $775,000
Equity: $11,202,999
Total Sources: $31,909,600

Developer Fee: $3,500,000

Project Narrative:

NLR RAD Family Homes is a 243-unit multi-family rental community located on two sites built in 1964 and 1969, consisting of 1-5 bedroom units in one and two-story buildings scattered across the sites.  The Partnership will use an allocation of 4% LIHTC tax credits to substantially rehabilitate and construct rental housing for families.  The Project is undergoing a RAD conversion with the units existing at Eastgate Terrace and Windemere Hills sites being removed from the Public Housing umbrella through Section 18.  A PHA Project-Based Voucher contract is being utilized at both sites included in this project which will provide subsidy for 100% of the units.

NLR RAD Family Homes will consist of Hillside Pointe (currently known as Windemere Hills) and The Homes at Pine Crossing (currently known as Eastgate Terrace) and is currently owned by North Little Rock Housing Authority.  This conversion from public housing to affordable housing will:

  • Provide the housing authority the opportunity to leverage private funds and mix income levels in the developments post conversion
  • Address much needed modernization, accessibility and health and safety needs
  • Invest over $31 Million in targeted communities
  • Have a stronger financial resource to maintain and upgrade properties

The Homes at Pine Crossing and Hillside Pointe properties will all undergo a substantial rehabilitation.  They will benefit from the replacement of appliances, kitchen cabinets, bathroom vanities, windows, interior and exterior doors, hot water heaters, air conditioning units, toilets and baths, flooring, and structural elements such as exterior brick and wall supports, roofing, and regrading and striping the parking lot. Some modernizations will include open living and floor plans, gated entry, professionally landscaped lawns, compliant accessibility features, business center, new leasing office and community room.

Energy efficient and Frost-free refrigerators will be installed in all units, as well as energy efficient windows that are energy efficient and provide sustainable features, central air and heat that is Star compliant, and washer and dryer hookups provided in all units.

These locations will have an economic impact during the renovation as well as a long-term community revitalization impact.  The project will leverage tax exempt bonds and low-income housing tax credits through the Arkansas Development Finance Authority.  The project will be requesting grant funds that target low to moderate income.  

The North Little Rock RAD Family Homes project serves as a preservation effort that will include the rehabilitation of existing properties.  The comprehensive renovation scope will facilitate long-term sustainability.  The building envelope will be addressed as well as a successful long-term financially feasible project.  The project will contribute 470 jobs to the area during its construction phase and will bring 15 permanent jobs to the area following construction, resulting in an annual employment income of $30,369,423 and $1,180,070 respectively.