Properties

Broadway Terrace Subdivision

W. Memphis, AR

Property Type:
Single-family
Total Development Cost:
$386,038.00
Financing Structure:
HOME
LIHTC Units:
21
AMI:
40/60 and 5/30
Market Rate Units:
6
Completion Date:
2008
Energy Star Partner
Broadway Terrace SubdivisionBroadway Terrace Subdivision

Broadway Terrace Subdivision is a 27-unit property located on Elizabeth Lane in West Memphis, Arkansas. The subdivision consists of 27 three-bedroom single family houses on individual lots. Each three-bedroom house is between approximately 1,145 square feet and 1,250 square feet plus a two car garage, front porch and back patio.

Each house is equipped with a stove, refrigerator, vent hood, dishwasher, disposal, microwave oven and central heat and air conditioning. Additionally, each house is provided a washer and dryer unit as well as ceiling fans. All of the appliances are ENERGY STAR rated. The exterior construction is brick and/or vinyl siding.

The Broadway Terrace Subdivision was built to cater exclusively to large families. The rent structure of the property is governed by IRS Section 42 Rules and will be restricted to residents earning at or below 60% of the area median income. An additional twenty percent of the property is further restricted to residents earning at or below 50% of the area median income for deeper targeting. There are also 6 units available for lease at market rate.

Preference is shown to qualified residents that are on the Public Housing Authority’s waiting list. It is anticipated that at the end of the compliance period the houses will be offered for homeownership.