Press Release – Amanda Torres, City of Walnut Ridge
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.
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.
White River Regional Housing Development Corporation, of Melbourne, will develop the project for the City Housing Authority and Clark General Contractor’s Inc., 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, 2017 and it is expected to be completed in March, 2018.
(An earlier version of this press release mistakenly labeled Clark General Contractor’s Inc. as a different company.)