THE SOUTH GROVE

The South Grove is a 9 percent Housing Credit new construction property completed in January 2023 on a site that previously held 28 public housing homes. This property includes 60 rental homes – 12 one-bedroom/one bath, 36 two-bedroom/2 bath and 12 three-bedroom/2 bath homes in 6 two and three-story residential buildings. Twelve of the homes are reserved for families earning 30 percent or less of the area median income (AMI) and who benefit from a 20-year Project Based Voucher Contract which allows residents to pay just 30 percent of their adjusted gross income towards rent each month with the remainder covered by a HUD rental subsidy. Seventeen homes are targeted to those at or below 50 percent of AMI and the 31 remaining serve those at or below 60 percent AMI. The South Grove is 100 percent occupied with a waiting list.

Apartment amenities include kitchens with electric ranges, refrigerators, microwaves and dishwashers, as well as in-unit washers and dryers, window blinds, ceiling fans, air conditioning and patios/balconies. Property amenities include a barbecue with seating area, off street parking and access to the Searcy Housing Authority’s community building located one block from the property where they will have use of the recreation room/kitchen. Community amenities include K-12 schools within walking distance, grocery stores, restaurants, a federal credit union and two banks, and various employment opportunities close by.

The Housing Credit equity of $8.85M was provided by R4 Capital, LLC. The property was developed by S. E. Clarke & Associates and Searcy Housing Solutions, Inc. (SHS). SHS, a nonprofit entity and affiliate of the Searcy Housing Authority, is the sole general partner of the partnership.