Preservation Crossing, developed by Southeast IV Development, LLC, is the adaptive reuse of a historic school building into 74 affordable homes for seniors. Of the 74 homes, 67 are set aside for senior households (55+) and 7 homes are set aside for disabled persons targeted by the Mississippi Affirmative Olmstead Initiative. The historic landmark has been reimagined to include a courtyard with gazebo, a community room, central laundry facilities, a business center/computer lab, elevators, a picnic area, 94 parking spaces and 5 ADA parking spaces.
Additionally, the property routinely works with third party vendors to bring enriching supportive services to its residents, which includes working with Mississippi Power to alleviate energy costs, collaborating with Humana for health services and partnering with Meals on Wheels for food support. The property is designed to meets the requirements for the National Green Building Standard (NGBS) and the International Building Code (INC 2012). Additionally, Preservation Crossing features Energy Star appliances and LED lighting.
The 9% Housing Credit was used to finance the property, with syndication provided by Hunt Capital Partners.