Church Court East Apartments, a 24-unit apartment complex forty minutes south of Memphis, will provide affordable housing for low-income residents for at least the next 15 years. A loan from Partners for the Common Good and Southern Bancorp secured financing for the project as part of a Low Income Housing Tax Credit multifamily construction loan.
Low-income housing in Holly Springs, Mississippi is in high demand – per capita income in the town is $13,482, as compared to $20,501 in Mississippi as a whole. Similarly, median income in Holly Springs is $26,419, while the state’s median income is significantly higher at $37,802. The Church Court East Apartments provide three-bedroom, two-bath rental units with garages and energy-efficient amenities to these low-income families. Each unit averages 1,396 square feet in size, and the project includes a shared community clubhouse, business center, and free resident classes like home buyer training, personal budget counseling, and health nutrition classes.
PCG contributed $250,000 to the total $840,500 loan with Southern Bancorp, the largest rural development bank in the United States and a frequent partner of PCG.