Apt. complex receives money for renovation
by Rory Doyle
Oct 18, 2012 | 2185 views | 0 0 comments | 8 8 recommendations | email to a friend | print
The Mississippi Home Corporation announced this week that $6.6 million of Housing Tax Credits would be awarded to revamp 17 housing developments across the state.

The awards will play a helping hand in restoring low-income apartments throughout Mississippi.

The Lutkin Bayou Apartments, a 36-unit complex in Drew, was the only facility in the area to receive assistance this year.

MHC Senior Vice President Scott Spivey said citizens of Drew would reap the benefits of the tax credits.

"When you have a developer come in and renovate an existing complex, it's almost better than getting a new one because it revitalizes part of the community," said Spivey.

“MHC encourages developers to rehabilitate older facilities in need of updating and renovation, and Housing Tax Credits make those efforts financially feasible,” said Dianne Bolen, executive director of MHC.

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.

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.

Through a points system, MHC encourages developers to meet Mississippi's housing needs.

Bolen explained how the 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," she said. "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.”

Other cities receiving the awards include: Ackerman, Beaumont, Crenshaw, Collins, Forrest, Friars Point, Holly Springs, McComb, Mt. Olive, West Point, Vicksburg, Waveland and Wiggins.

 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.