Location: Florence, AL
The Challenge: Highland was selected to facilitate the public/private partnership for the substantial rehabilitation of Magnolia Gardens I & II Apartments. The financing required the use of both Section 221(d)(4) and the Rental Assistance Demonstration (RAD) and 9% low income housing tax credits through the Alabama housing finance authority.
HCM Solution: Highland partnered with the Florence housing authority and private developer to close the section 221d4 and RAD transaction to fund Magnolia Gardens. This enabled the preservation of affordable housing. There were 214 units upgraded for long term viability for the use by residents.
Community Effect: The construction of Magnolia Gardens brought access to housing for lower income elderly tenants and elderly tenants with disabilities. This facility enabled its tenants to comfortably live independently in an updated and revitalized complex.
Loan Amount: $3.7 millions
Loan Details: Section 8 & 9% LIHTC, Section 221(d)(4)