September 7, 2016 Edition
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$3.8 million approved to
rehab Larkspur Gardens
The Arkansas Development Finance Authority in Little Rock has informed Walnut Ridge Mayor Charles Snapp of its approval of a pending $3.8 million housing renovation project for Walnut Ridge.
The Arkansas Development Finance Authority has announced that the City Housing Authority of Walnut Ridge has been approved for funding of the substantial rehabilitation of its Larkspur Gardens Apartments.
Larkspur Gardens is an assisted senior living complex, located at 109 South Larkspur Lane in Walnut Ridge, and has served residents of the city for over 25 years.
This complex contains 30 individual living units, including both one and two bedroom apartments. HUD rental assistance is also available for renters with qualifying incomes.
White River Regional Housing Development Corporation, of Melbourne, will develop the project for the City Housing Authority and Clark Construction Company of Walnut Ridge will serve as the project’s general contractor. Little and Associates, Architects of Jonesboro will design and supervise the construction activities.
It is estimated that the rehabilitation work on this project will begin in early January of 2017, and it is expected to be completed in March of 2018.
ADFA indicated that the project will be funded with federal low-income housing tax credits and mortgage financing from the USDA Rural Development agency. The total cost of the project will be approximately $3.8 million dollars, most of which will go to remodel and upgrade these existing apartments so that they will remain affordable for senior citizens for the long term.
Equity funding of about $3.3 million will come from the sale of the federal tax credits, which were recently approved by ADFA and the remaining funds will be provided by the USDA Rural Development.
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