Memphis Housing Authority Breaks Ground on $70M Rehabilitation of Multiple Uptown and College Park Properties

MEMPHIS, Tenn., March 21, 2022 /PRNewswire-PRWeb/ -- The Memphis Housing Authority welcomed partner BGC Advantage, LLC, local leaders, and project stakeholders to a ceremonial groundbreaking of the MH Strategies Family RAD & RAD II affordable housing developments on Monday, March 14th, 2022. The $70M combined community investment is a Rental Assistance Demonstration (RAD) program that will rehabilitate 472 units to address the need for more modern, efficient, and affordable rental opportunities in the Uptown and College Park neighborhoods.

MH Strategies Family RAD, LP, is a 131-unit acquisition/rehabilitation project located on several separate sites above and within the Uptown area: Askew Place, Uptown Rental Homes II, Uptown Rental Homes III, and Uptown Rental Homes IV. They will have a total development cost of $20,317,112, impacting approximately 304 construction jobs and 11 long-term employment positions. MH Strategies Family RAD II, LP, will consist of 341 units of affordable rental housing across three sites known as College Park Family I, College Park Family II, and College Park Senior. This project will create over 751 construction jobs and create or maintain 24 employment positions, with a total development cost of $50,019,355.

"It is very satisfying to see such visible progress on an endeavor we have been working towards since 2018," said Dexter Washington, CEO of the Memphis Housing Authority. "We are excited to celebrate this next step with BGC Advantage and are grateful for the support of the city and the Tennessee Housing Development Agency."
In both projects, necessary renovations may include kitchen and bathroom updates; replacing select appliances, water heaters, and HVAC units with more energy efficient models; replacing floors and doors, and repainting interior walls throughout; putting in double glazed and insulated windows; improving accessibility; and repairing and repainting the building exteriors.

"Bringing these projects to fruition required a remarkable level of hard work and dedication from BGC Advantage and the MHA. The 472 newly renovated homes will completely transform their neighborhoods, and we are grateful to be part of making a difference in the lives of these Memphis residents," said John Colvin of Raymond James Affordable Housing Investments.

Other development partners include Citi Community Capital, The Health, Educational and Housing Facility Board, and the Tennessee Housing Development Agency. The architect is DNA Workshop, the general contractor is Snyder Construction, and the property management will be provided by Allied Orion Group.
"Witnessing these milestones is a very important aspect to these projects. We are here to celebrate a positive shift forward for our residents and for the people in the surrounding community," said Holly Knight, CEO of BGC Advantage. "Temporary relocation of the residents is underway. BGC looks forward to the moment we can welcome them back home to a higher quality of life."
Memphis Housing Authority

Since 1935, the Memphis Housing Authority has been a frontrunner in the public housing movement when Memphis became the second city in the nation, following New York, to establish a local housing authority. Today, the Memphis Housing Authority offers 2,093 units of permanent housing to low- and moderate-income families through its Public Housing program & assists 8,356 households through the Section 8 Housing Choice Voucher Program. For more information, visit memphisha.org.
BGC Advantage

BGC Advantage is an award-winning developer that specializes in working with Public Housing Authorities and non-profit organizations to create and rehabilitate affordable housing. With offices in Louisiana, Mississippi, Texas, and Arkansas, the BGC Advantage portfolio includes 3,904 units of affordable housing developed in five years and 64 PHA RAD consultations and partnerships across 17 states. For more information, visit bgcadvantage.com.

Media Contact

Christianne Brunini, BGC Advantage, 1 7697988809, [email protected]

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SOURCE BGC Advantage