Published Date: 09/13/2023
McDowell Housing Partners (MHP) has completed construction of Ekos Magnolia Oaks, a 110-unit affordable housing community including: 1 Bedroom/1 Bath – 30 Units; 2 Bedroom/2Bath – 65 units; 3 Bedroom/2 Bath – 15 Units, catering to families in Tallahassee, FL. Apartments are reserved for families earning at or below 33%-60% of the area median income (AMI), with rents ranging from $427 to $1,203 per month. The five, garden-style apartment building community features surface parking, standalone clubhouse, media-room, fitness center, pool, tot lot and picnic area.
Funding sources for Ekos Magnolia Oaks include 4% Low-Income Housing Tax Credit (LIHTC) equity from Raymond James, as well as $12.5M construction loan from Truist, $6.86M permanent loan from Grandbridge RE Capital, $500K CRA Loan from City of Tallahassee Community Redevelopment Agency and $5.95M from RRLP-FHFC.
“The development’s 110 units leased up immediately upon completing construction. It’s evident that the demand for high-quality affordable housing in Tallahassee continues to grow rapidly. Ekos Magnolia Oaks is a great example of what we can do to combat the housing crisis through public-private partnerships,” said COO Chris Shear.
“As housing challenges are felt across the country, the City of Tallahassee’s approach to increasing the affordable housing inventory locally is producing results, like Ekos Magnolia Oaks,” Tallahassee Mayor John Dailey said. “We are excited to celebrate our growing number of housing options including these 110 units now available in our community.” “By supporting Ekos Magnolia Oaks with a $500,000 investment in the Greater Frenchtown/Southside Community Redevelopment Area, we are furthering efforts to increase affordable housing options, which is in line with the City’s strategic goal priorities,” said Tallahassee Mayor Pro-Tem and CRA Chair Dianne Williams-Cox.
Source: INSIDE LOOK: New affordable housing complex completed (wtxl.com)