Mannington Place undergoing renovations
by Staff Reports | April 20, 2014 10:10 am
Last Updated: April 19, 2014 at 6:11 pm
WWJ LLC, an affiliate of Boyd Management Inc. closed on the acquisition of Mannington Place Apartments in Manning on Jan. 30. The rehabilitation of this 40-unit property through U.S. Department of Agriculture Rural Development Section 515 is expected for completion within six months.
WWJ and its consultant, Greystone Affordable Housing Initiatives, worked closely with the state office of USDA Rural Development and the State Housing Finance and Development Authority to coordinate and secure the financing needed to acquire and rehabilitate the property.
That financing includes:
· RHS 515 Debt:Assumption of $1.55 million of original USDA RHS 515 debt. The Section 515 program is a direct-loan program designed to provide subsidized loans to developers of affordable housing in rural markets. In addition, all 40 units will continue to receive Section 521 Rental Assistance provided by USDA Rural Housing Service.
· LIHTC:Purchase of Federal Low Income Housing Tax Credits by a Community Affordable Housing Equity Corporation (CAHEC) affiliate, generating over $2 million in capital contributions.
The rehabilitation plans consist of substantial improvements for all apartment units. Interior improvements will include new flooring, energy efficient appliances and hot water heaters, new upgraded HVAC systems, kitchen cabinets and countertops, as well as fixture upgrades.
Electrical improvements will include the replacement of interior and exterior light fixtures, new GFI outlets and smoke detectors.
Exterior improvements will include new insulated double-pane windows, doors, gutters and vinyl siding. Landscape enhancements will also be added. Common area improvements will be made with the addition of a picnic shelter with tables and grills and exercise equipment in the community room.