About the development

The Meadows is a 24-unit affordable housing development located in Baldwyn. Previously known as Meadowview Apartments, the development is a rehabilitation project. The income limit is 60% AMI, and the apartments offer both 2 and 3-bedroom units.

This project was financed with RD 515 Assumed and Subsequent Debt, a Bridge Loan for the tax credit given by Enterprise Community Loan Fund, 9% Tax Credit Equity from the National Equity Fund (NEF), an RD 538 Permanent Loan through Churchill Mortgage Investment, and a grant from the Federal Home Loan Bank of Atlanta. The total development cost for the project was approximately $7 million.

In addition to having 100% rental assistance through Rural Development, the development follows the National Green Building Standard, which lessens per-unit cost for energy and water use.

The Meadows underwent significant renovations as part of the rehabilitation project. This included structural and foundation work, new roofs, windows, and doors, electrical and plumbing upgrades, new HVAC and water heaters, and ADA upgrades throughout the entire property.

Recognizing that the community needed more, a new community building was added, featuring a meeting space, computer lab, kitchenette for residents, manager’s office, and laundry facilities. The property also now offers enhanced broadband access for all residents, a playground with observation seating, a pavilion with picnic tables, exterior security features, and is designated as a smoke-free development.

Additionally, quarterly social services are provided at no cost to residents by an experienced service provider, further supporting the well-being of the community.

Contributors to success in the development

• Utilizing technical assistance: Gulf Coast Housing Partnership (GCHP) was part of the Rural Preservation Academy hosted by Enterprise Community Partners. They also received technical assistance, which ultimately helped in completing this project. Receiving assistance and training from outside partners is crucial in ensuring that the project runs smoothly, especially if the developer knows there are certain areas they will need assistance in.
• Creating a diverse capital stack: Financing a development of any kind can be difficult, and it is important to understand your financial capacity when starting a project. Having a diverse capital stack ensures that the necessary funds are accessible when the project is started. The subsequent 515 and Federal Home Loan Bank funds were critical to the project.
• Developing partnerships to ensure the work gets done: The seller and development partner, Trinity Development, owned and operated the property. They created a joint venture partnership with GCHP to rehabilitate this project. The developers worked with the Mississippi Home Corporation and Enterprise Community Partners to complete the development. Working with various partners provides a wide variety of resources, insight, and knowledge, ensuring the success of the project.