0:00 → 3:15(3m 15s)
HCD presenter described the Melrose/Orange Mound phase-two affordable-housing plan: a ~51-unit project with a housing construction budget of about $16.9 million. She outlined sources (about $9 million in bonds, tax-credit equity, $1M from Affordable Housing Trust Fund allocation, $3M congressional appropriation and CDBG) and modeled annual rent income of roughly $640,000 with net operating income near $226,000 and projected net cash flow of about $29,000/year after debt service. She noted a modeled vacancy of ~7% and an initial debt-coverage ratio around 1.15, stabilizing toward 1.5.
Memphis City Council committee sessions on April 14, 2026, covered an update and recommendation for the Melrose/Orange Mound affordable-housing phase two proposal (51 units), several budget transfers and infrastructure items (fire facility retrofit, drainage), a $6 million transfer to fund infrastructure around the new Memphis Art Museum/Monroe Plaza, a broad discussion about maintenance and public-space upkeep, and an update on the proposed Unified Development Code (Memphis 3.0) changes.
