in 2022 October 20
Published: Neighborhood Development Press Release
– in 2022 October 20
For quick release:
City of Mobile partners are moving forward with new, affordable housing
Mobile, Ala. – On Thursday, Oct. 20, Mobile city officials joined representatives from the U.S. Department of Housing and Urban Development (HUD) and several other local officials to achieve much-needed affordable housing on the city’s east side.
When construction is complete, Maryvale Place will be a 96-unit apartment complex that will create affordable and affordable housing options for the community. Maryvale Place will be built on the former Mae Eanes High School, which was closed in 2016. closed by the Mobile County Public School System, trace. The City of Mobile purchased the property from MCPSS in 2021.
Hollyhand Development of Northport, Ala. will build a $29 million project worth USD. The complex will consist of four three-story buildings with one-, two-, and three-bedroom apartments. Maryvale Place will also feature specially designed units for tenants living with disabilities, as well as state-of-the-art amenities such as community spaces, laundry facilities and on-site computer centers and pavilions.
“We can’t thank our local, state and federal partners enough for their continued support of this important affordable housing project,” said Mayor Sandy Stimpson. “Maryvale Place allows the city and its partners to make great use of vacant real estate in the community, while also adding many affordable housing options to one of Mobile’s areas that need them most.”
Hollyhand is financing the construction of the Maryvale Place project through a combination of low-income housing tax credits from the Alabama Housing Finance Authority (AHFA) with additional federal funding from HUD and America’s Rescue Plan secured by the City of Mobile. The Mobile Housing Authority will also provide project housing choice vouchers for units that will be available to local mixed-income families.
Thanks to these government funding sources, all 96 units at Maryvale Place must be used for affordable housing for the next 40 years, with more than half of them reserved exclusively for low-income residents and families in Mobile. It is expected to be ready for use by 2024. autumn
In addition to government partners at the local, state and federal levels, the Alabama Multifamily Loan Consortium provides $6.5 million in loans. USD mortgage for the Maryvale Place project. ServisFirst Bank and United Bank are financing the construction. Other project partners include Raymond James Financial, Bradley, Maynard Cooper Gale, Tidwell Group, JADE Consulting, McKean and Associates Architects, LLC and The Frazier Lanier Company.
Left to right: Joe Raines, United Bank; Jason Grubbs, Frazier Lanier; Win Yerby, Hollyhand Development; Michael Pierce, Mobile Housing Administration; Mayor Sandy Stimpson; HUD Regional Administrator Jose Alvarez; City Council President CJ Small; Marcella Roberts, Hollyhand Development; Lee McKinnon, ServisFirst Bank and Mobile City Councilman Cory Penn.