The Mississippi Home Corporation (MHC) has awarded approximately $6.6 million of Housing Tax Credits to 17 developments across the State. Financing provided by the sale of the tax credits to investors will help developers build or rehabilitate 564 units in 13 different Mississippi counties. MHC estimates the awards will generate 573 jobs, $19.5 million in construction wages and $58.2 million in related spending.
Fourteen of the seventeen developments that received awards in this cycle will rehabilitate existing rental stock. “MHC encourages developers to rehabilitate older facilities in need of updating and renovation, and Housing Tax Credits make those efforts financially feasible,” explained Dianne Bolen, Executive Director of MHC. Another added benefit of the Housing Tax Credit Program is the mandatory compliance period, which “requires property managers to maintain their developments for a minimum of 15 years. That way, they aren’t in danger of falling back into disrepair,” added Bolen.
MHC awards Housing Tax Credits on a competitive basis and received 57 applications requesting $30.2 million in credit authority in the current cycle. Mississippi’s total credit authority was $6.6 million. Through a points system, MHC encourages developers to meet Mississippi’s housing needs. MHC spent time researching the housing needs of disabled persons, and in 2012 included language encouraging developments that would address those needs. “We’re happy to report that Camille Court in Waveland and Millwood Village II in McComb will help meet the needs of disabled Mississippians,” noted Bolen.
The following developments received tax credit awards:
Oakwood Apartments, 44 units, acquisition/ rehabilitation
Pine Grove Apartments, 24 units, acquisition/ rehabilitation
Oakwood Apartments and Maplewood Apartments, 48 units, acquisition/ rehabilitation
Oscar Barlow Apartments, 24 units, acquisition/ rehabilitation
The Meadows Apartments, 36 units, acquisition/ rehabilitation
Lutkin Bayou Apartments, 36 units, acquisition/ rehabilitation
Meadow Lawn II, 32 units, acquisition/ rehabilitation
Levee Apartments, 24 units, acquisition/ rehabilitation
Murphy Lane, 36 units, new construction
Millwood Village II, 26 units, new construction
Olivewood Apartments, 24 units, acquisition/ rehabilitation
Point Place Apartments, 40 units, rehabilitation
Oak Ridge Apartments, 44 units, rehabilitation
Village Oaks Apartments I, 36 units, acquisition/ rehabilitation
Village Oaks Apartments II, 36 units, acquisition/ rehabilitation
Camille Court, 30 units, new construction
Fairview Manor, 24 units, acquisition/ rehabilitation
Bolen explained how the HTC program works to provide housing for low income Mississippians: “The Tax Credit Program provides a valuable partnership for public and private purpose companies by enticing investors to provide funding for affordable housing across the State. Using the money raised by the sale of the tax credits to investors, the developers are then able to afford to charge lower rents for market-rate quality housing.”
Parties interested in the Housing Tax Credit program or who wish to learn more about the Mississippi Home Corporation should contact MHC directly at 601.718.INFO (4636) or at www.mshomecorp.com.
The Mississippi Home Corporation was created by the State in 1989 to serve as the State’s Housing Finance Agency. In that capacity, MHC administers the Mortgage Revenue Bond program and the Housing Tax Credit program, among others. MHC’s mission is to enhance Mississippi’s long-term economic viability by financing safe, decent, affordable housing and helping working families build wealth.