Today, the Memphis Housing Authority finalized funding for MH Strategies Family RAD, LP and MH Strategies Family RAD II, LP for a combined community investment of $70,336,467. Both projects will be Rental Assistance Demonstration program redevelopment efforts with BGC Advantage, MHA’s private sector housing partner.
“Acquiring additional funding for the maintenance of public housing has been difficult, and as early as 2018, we recognized that something had to be done to improve the quality of life for our residents,” said Dexter Washington CEO of the Memphis Housing Authority. “We decided to partner with BGC Advantage for their deep expertise in the Rental Assistance Demonstration program.”
The transactions were made possible with the help of partners at Raymond James Tax Credit Funds, Inc., Citi Community Capital, The Health, Educational and Housing Facility Board in Memphis, and the Tennessee Housing Development Agency.
“It is our honor to work with the Memphis Housing Authority to preserve and renovate these properties,” said Holly Knight, CEO of BGC Advantage. “MHA is implementing a solid repositioning strategy by taking control of its housing sites and leveraging new public and private funds to foster a stronger, more vibrant community.”
MH Strategies Family RAD, LP is a 131-unit acquisition/rehabilitation project located in Shelby County, Tennessee on four separate sites known as Askew Place and Uptown Rental Homes II, Uptown Rental Homes III, and Uptown Rental Homes IV. The total Development Cost is $20,317,112.
MH Strategies Family RAD II, LP will consist of 341- units of affordable rental housing across the 3 sites known as College Park Family I, College Park Family II, and College Park Senior. The total Development Cost is $50,019,355.
SCOPE OF WORK
The architect on the project is DNA Workshop. The General Contractor is Snyder Construction. Property Management will be provided by Orion Real Estate Services Texas, LLC. Interior renovations may include new laminate kitchen and bath vanity countertops, increased attic insulation, new luxury vinyl plank flooring throughout, fresh paint, new bath accessories and mirrors, replacement of select appliances and doors, as well as new plumbing and light fixtures.
Memphis Housing Authority
Since 1935, the Memphis Housing Authority has been a frontrunner in the public housing movement when Memphis became the second city in the nation, following New York, to establish a local housing authority. Today, the Memphis Housing Authority offers 2,565 units of permanent housing to low- and moderate-income families through its Public Housing program & assists 8,356 households through the Section 8 Housing Choice Voucher Program. For more information on Memphis Housing initiatives, visit memphisha.org.
BGC Advantage is a developer that specializes in working with Public Housing Authorities and non-profit organizations to create and rehabilitate affordable housing. With offices in Louisiana, Mississippi, Texas, and Arkansas, the BGC Advantage portfolio includes more than 3,000 units of affordable housing developed in four years and 60 PHA RAD consultations and partnerships across 17 states. For more information, visit bgcadvantage.com.