Multimillion dollar project goes forward in Tupelo

by Associated Press

Published: September 11,2009

 

TUPELO — A $9.4 million proposal to convert a vacant building in the historic Mill Village neighborhood in Tupelo into loft-style apartments has received the housing tax credits needed to proceed.

The Mississippi Home Corp. announced this week that more than $6.8 million in tax credits will be made available over the next 10 years. That will produce more than $4.5 million in equity for the project.

Other financing includes federal and state historic Rehabilitation Tax Credits and a private mortgage. The property will be rehabilitated according to federal standards for historic preservation.

Project developer Rex Todd of North Carolina said construction is set to begin by May and will take about a year.

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