Grand Opening of Carnation Village by Hunt Capital Partners and Intervest
Last week, Intervest Corporation and Hunt Capital Partners, in conjunction with the city of Tupelo, inaugurated Carnation Village. This significant development includes 33 units tailored for low-income seniors, comprising 27 one-bedroom and 6 two-bedroom apartments. The site, which is now a non-smoking residential community, breathes new life into the historic Carnation Milk Plant, turning it into a haven for senior households earning between 30% to 60% of the Area Median Income (AMI).
The Opening Ceremony
The grand opening was a momentous occasion, marked by engaging speeches from several key figures. Among those who addressed attendees were Mayor Todd Jordan, Intervest’s Founder Steve Nail, and representatives from various local organizations. The highlight of the day included a ceremonial ribbon cutting by the iconic smokestack of the converted plant, followed by guided tours of the community.
A Vital Housing Solution
As Mayor Todd Jordan emphasized, "Carnation Village fills a critical need for affordable housing in the City of Tupelo. This project also preserves a nearly century-old landmark innovatively." The adaptive reuse project stands as a testament to preserving the community's history while serving contemporary needs.
Community Amenities at Carnation Village
The new development is not just about providing shelter; it creates a holistic living environment for residents. Facilities include elevators, a butterfly garden, walking trails, and a community clubhouse equipped with an exercise area and laundry amenities. This thoughtful design aims to foster a vibrant community among residents.
Partnership and Funding
Intervest took the lead in the development of Carnation Village, overseeing both construction and ongoing property management. Century Construction Group served as the general contractor while Wallace Architects were responsible for the architectural vision. Financing for this impactful project came from a mix of public and private sources, with significant contributions from the Mississippi Home Corporation.
Long-term Benefits for Seniors
According to Steve Nail, President of Intervest, "The repurposed building in Tupelo provides welcoming and affordable long-term housing for elderly citizens in need." Intervest and Hunt Capital Partners demonstrated their commitment to serving the community through affordable housing solutions. Additionally, senior residents are expected to save approximately 47% in rent compared to nearby market rates. The community will also offer various free on-site services to boost wellbeing.
Hunt Capital Partners and Community Commitment
Amy Dickerson, Chief Operating Officer at Hunt Capital Partners, highlighted the project’s significance by stating, "Carnation Village was truly a labor of love for the seniors of Tupelo, turning a historical building into something that enriches the community." Hunt Capital Partners aims to enhance the lives of local seniors, creating spaces that encourage a healthy and stable living environment.
About Intervest Corporation
Since its establishment in 1983, Intervest has been committed to developing, constructing, and managing affordable properties across several states. With a portfolio boasting 92 properties and over 2,270 affordable units, the company exemplifies dedication to providing quality housing options for low-income individuals and families.
About Hunt Capital Partners
Hunt Capital Partners is a division of Hunt Companies, Inc., specializing in tax credit syndication for affordable housing initiatives. Since 2010, HCP has made a significant impact by raising over $3.8 billion in tax credit equity, managing nearly 800 project partnerships across the nation. The organization works tirelessly to provide impactful housing solutions, understanding the importance of creating safe and affordable living spaces for all.
Frequently Asked Questions
What is Carnation Village?
Carnation Village is a new 33-unit affordable housing community designed for low-income seniors, located in the historic Carnation Milk Plant in Tupelo.
Who developed Carnation Village?
Intervest Corporation developed Carnation Village, with Hunt Capital Partners providing tax credit syndication and funding support.
What amenities does Carnation Village offer?
Residents can enjoy amenities like elevators, a butterfly garden, walking trails, and a community clubhouse with exercise facilities.
What financial support did the project receive?
The project received funding through federal Low-Income Housing Tax Credits and state Historic Tax Credits, totaling millions in financial backing.
How does this project impact the community?
Carnation Village provides vital affordable housing, helping low-income seniors save on living costs and improving their quality of life through supportive services.
