HATTIESBURG, Miss. — Hunt Capital Partners has committed $13.2 million in federal low-income housing tax credit, federal historic tax credit and state historic tax credit equity financing for Preservation Crossing, an affordable seniors housing project in Hattiesburg.
The development is the adaptive reuse of Old Hattiesburg High School into 74 affordable housing units for seniors who earn between 30 and 60 percent of the area median income.
Old Hattiesburg High School was first constructed in 1911 and operated as a school until 1959. It was later designated as a Mississippi landmark before being added to the National Register of Historic Places in 1987. By 2010, the Historic Hattiesburg Downtown Association had acquired the facility and started rehabilitation, but it was not able to continue reconstruction.
The development team consists of Southeast IV Development, Wallace Architects and Harris Construction Services. Construction is scheduled for completion in late 2019.
The total development cost for Preservation Crossing is $15.5 million. Hunt Capital Partners facilitated the federal LIHTC and federal historic tax credit equity through its proprietary investor fund, Hunt Capital Partners Tax Credit Fund 30. The firm also facilitated the state historic tax credit equity through its proprietary investor fund with Monarch Private Capital.
Mississippi Home Corporation provided $500,000 through its Housing Trust Fund. Key Bank provided a construction loan of $10.3 million, and Financial Institutions Housing Opportunity Pool provided a permanent loan of $1 million.