magnolia crossing
Key Dates
Closing date: 10/22/2018
Construction completion date: 12/9/2019
Formerly Carver Village
DETAILS:
Number of Units: 49
Total Development Cost: $6,478,071
Development Type: 9% LIHTC
Development Partner:
Alexandria Housing Authority
Project Type: Family
Construction Period Jobs: 99
Long-term Jobs Created/Maintained: 4
SOURCES:
1st Mortgage:$500,000
Equity: $4,717,463
Developer Fee: $35,608
Total Sources: $6,478,071*
*Sources, as of closing
PROJECT NARRATIVE:
Magnolia Crossing RAD, LP is a 49-unit acquisition/rehabilitation project located at 3215 Tea Street in Alexandria, LA, The site is in a residential area and surrounded by single family homes. This project is a Rental Assistance Demonstration program redevelopment effort that works to transform former public housing into affordable housing developments that serve a broader spectrum of the affordable housing population. The site features one story duplexes nestled in a wooded area. The development also includes enhanced resident opportunities for self- sufficiency. The educational programs are geared to help renters become homeowners.
Amenities & Upgrades:
- New windows/doors, flooring & lighting
- Updated HVAC
- Interior/exterior Paint
- Energy efficient appliances
- Updated kitchens/bathrooms
- Upgraded landscaping & signages
PROJECT PARTNERS
Developer:
Knight Development
PHA :
Alexandria Housing Authority
Architect:
DNA Workshop
Contractor:
B.A.S.
Financial Partners:
CREA
Sterling Bank
UNIT COUNTS (49 Total) & RENTAL RATES*
Magnolia Crossing
1 Bedroom | Units: 12
Contract Rent: $481
2 Bedroom | Units: 20
Contract Rent: $603
3 Bedroom | Units: 13
Contract Rent: $808
4 Bedroom. | Units: 4
Contract Rent: $943
*Rents, as of closing
