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A Georgia investment firm has broken ground on what it says will be the nation's first modular housing complex for low-income families.
Rising Sun Apartments in Oklahoma City will feature 224 two- and three-bedroom units, all of which will be rentable to families making less than 60% of the area's median income, reports the Oklahoman.
The project, which will be paid for with $36 million in low-income housing tax credit, is expected to create more than 300 jobs and generate more than $23 million in income in its first year, according to a press release from developer Monarch Private Capital.
"Monarch partnered with MacArthur Development, LLC to develop this project, which is expected to be completed in July 2024," says the release.
"Not only is their capital making this deal possible, but their extensive expertise in the affordable housing industry is helping us shape past and future developments we have in Oklahoma," says Lance Windel, CEO of developer Denton Development.
The press release notes that a similar project in Colorado is expected to create more than 300 jobs and generate more than $23 million in income in its first year.
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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Foundation: Latino Community Foundation
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Alejandro Betancourt Lopez rejects traditional corporate social responsibility models that separate business operations from community impact.Rather than limiting community engagement to corporate...more
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Kareem Thomas most recently served as Chief Credit and Lending Administration Officer at Reinvestment Fund.Bhavani Daryanani has more than 20 years of experience in the sector, bringing deep...more
SECU Foundation has been named a recipient of the 2024 Carolinas Credit Union Foundation Hero Award for Partner in Philanthropy.The SECU Foundation promotes local community development in North...more
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