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HUD   >   State Information   >   Mississippi   >   Stories   >   2014-01-26
Magnolia Crossing, in Yazoo City, on a Renaissance Path
Aging development joins Rental Assistance Demonstration program


Yazoo City Housing Authority representatives with HUD Deputy Secretary Maurice Jones, from left to right: John Meeks, Board Member; Gerald Fraiser, Board Chairman; Dawn Gainwell Board Member; HUD Deputy Secretary Maurice Jones; Danny Neely, Board Member; and Betty Reed, Director of Yazoo City Housing Authority.

Residents of Yazoo City are excited and hopeful about the upcoming renovation of Magnolia Crossing. Its age has been showing and the development has been in need of a renovation for some time. It was originally built in 1976, with an addition in 1986, to provide much needed affordable housing.

The Yazoo Housing Authority created a partnership and plans to renovate the property under HUD's Rental Assistance Demonstration (RAD) program. This new tool, created to preserve assisted housing, allows housing authorities to seek additional resources to create a community effort to serve the housing needs of low income population. HUD has a two-step process to first identify and then to work with a select number of local housing authorities across this country who are committed to assembling a team of other public and private partners to preserve their rental stock.

The plan in Yazoo City, which received initial approval to move forward during a recent visit from HUD Deputy Secretary Maurice Jones, calls for a 86-unit comprehensive renovation that will offer two, three and four bedroom units with energy efficient appliances, dishwashers, washers and dryers in each unit, garbage disposals, ceramic tile, energy efficient heat pump water heater and a newly renovated community center. The development will be accessible to persons with mobility issues.


Attendees to the RAD announcement in Yazoo City with HUD Deputy Secretary Maurice Jones. Left to right: Front row - Mayor Lenora Sutton City of Belzoni, Mayor Bobbie Miller Town of Isola, HUD Field Office Director Jerrie G Magruder, Mayor Arrica Weatherall Town of Cruger. Back row - Mayor Darryl Johnson Town of Mound Bayou, Mayor Henry Perkins Jr. Town of Winstonville, Mayor Patrick Campbell Town of Jonestown, HUD Deputy Secretary Maurice Jones Mayor Levon Jackson Sr. Town of Pace, Mayor Lekisha Hogan Village of Eden, Mayor McArthur Straughter City of Yazoo (President) and Mayor Dan Harris Jr. City of Shelby.
 

The total cost is $8.8 million. Funding sources include $5,430,000 tax credit equity provided by City Real Estate Advisors and allocated by the Mississippi Home Corporation (MHC) through the Health Care Zone Special Allocation Cycle; $1,250,000 in funding from the Yazoo City Housing Authority; $885,300 in permanent financing from Hope Federal Credit Union; $750,000 in HOME funding through the joint efforts of the Mississippi Development Authority and MHC; and $460,000 in Federal Home Loan Bank of Dallas. Additional construction financing is provided by Trustmark Bank.

When completed, the renovated property will be home to 86 families whose incomes fall below 60% of the area median income. The development partnership also includes Gateway Community Development Corporation, and Housing Solutions Alliance. Magnolia Crossing represents the first phase of a large scale, multi-year initiative to replace aging and deteriorating public housing in Yazoo City.