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Council committee backs site-control step for Melrose/Orange Mound affordable housing project
Summary
City housing staff and a developer presented financing and risk details for a 51-unit affordable housing project atop the historic Melrose building; the committee gave a favorable recommendation to move site-control and lease-option steps that are needed to pursue THDA financing and federal tax-credit equity.
City housing staff and a developer told a Memphis City Council committee on April 14 that a proposed 51-unit affordable-housing project at the Melrose building in Orange Mound needs site control now to remain competitive for state bonds and tax-credit financing.
The Department of Housing and Community Development presented a construction budget of about $16.9 million for the housing portion and a projected rental income of roughly $640,000 a year. The presenter said operating income and debt service leave modest long-term cash flow — “the project is anticipated to cash flow at about $29,000 per year,” she said — and modeled a debt-coverage ratio of about 1.15, stabilizing toward 1.5.
Housing staff outlined the capital stack: approximately $9 million from bonds and…
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