Aging apartments transformed to affordable housing - MSNewsNow.com - Jackson, MS

Aging apartments transformed to affordable housing

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For years Hope Credit Union has helped to improve living conditions for low income residents in the Delta. 

Now they're focused on the inner city, and are using local banks and other investors to invest in their communities, to help improve the quality of life for future homeowners.

This week they are beginning work on a large project in the Capitol City. 

Squeezed next to Manhattan Nursing Home and St. Richards Catholic Church and school, is the aging Stratford Manor Apartments.

The apartments are the site of a revitalization project designed to provide affordable housing, in Jackson's inner city.  

The cost of the remodeling project is $7.75 million.

Every dollar is being matched through a tax credit program, managed by Hope Credit Union, who met the challenge of involving a group of banks and private investors, to invest in the Capitol City.

"Fortunately we got banks in Mississippi that are well run and are making some profits and have the ability to invest, but you still got to structure the deal so they are comfortable and we were able to put together the right combination with experienced developers, bankers who are community minded and willing to make these kinds of investments," Hope Credit Union CEO Billy Bynum said.

Once completed, the apartments will be renamed to Holly Hills, and will include 60, 2 and 3 bedroom rental units, with the greenest of energy efficient appliances.

"From a development concept, were going to raise some of these buildings and not rebuild them and turn that into green space," said David Strange who manages New Horizons Development. "We want to have a much less development than it is now. Were going to go in and increase the size of the units."

To receive the government incentives, the developers will have to keep their rent low and maintain the upkeep of the property. 

All benefits for future residents here and their neighbors, anxious for the construction to begin.

Construction is expected to be completed by the end of the year.

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