THE SOUTH GROVE
The South Grove is a property currently under construction (with completion expected January 2023) on a site that previously held 28 public housing units. The new complex will include 60 apartments comprised of 12 one-bedroom/one bath, 36 two-bedroom/2 bath and 12 three-bedroom/2 bath homes in 6 three-story residential buildings. Twelve of the apartments will 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 subsidy. Seventeen homes are targeted to those at or below 50 percent of of the area’s median income (AMI) and the 31 remaining serve those at or below 60% AMI. 26 of the 28 public housing residents who lived at the demolished 28 unit public housing property previously on the site will be returning to the new complex.
Apartment amenities will include kitchens with electric ranges, refrigerators, microwaves, and dishwashers, as well as in-unit washers and dryers, window blinds, ceiling fans and air conditioning. Project amenities will include access to the Searcy Housing Authority’s community building located one block from the property where residents will have use of the recreation room/kitchen. Other community amenities include K-12 schools within walking distance, grocery shopping, restaurants, a federal credit union and two banks, and various employment opportunities close by.
Financing for this property was facilitated by R4 Capital, LLC and developed by a nonprofit affiliate of the Searcy Housing Authority called S. E. Clarke & Associates and Searcy Housing Solutions, Inc. The South Grove was developed using the 9 percent Low-Income Housing Tax Credit (Housing Credit).