MAGNOLIA, Ark. (KTVE/KARD)– Magnolia Housing Authorities could soon be recipients of more than $2 million in grant funding to refurbish and upgrade their low-to-moderate income housing structures.
City council members met Monday April 25, 2022 where they agreed on a resolution that could allow the Magnolia Housing Authority to move forward in the grant approval process. According to the housing facility, the grant could help rehabilitate 180 units that serve as homes for lower-income, low mobility and disabled citizen housing.
Jan Hutcheson, Executive Director of the Magnolia Housing Authority said, “This is a blessing for our city! Having the chance to receive this money, we are just so thankful to everyone in the community that continues helping us out.”
With the help of the City Council and the Magnolia branch of Cadence Bank, the local housing authority could advance the project at no additional cost.
The grant funds originate from the Federal Home Loan Bank of Dallas, a Texas-based lender that provides millions of dollars in affordable housing to communities around the region.
Homes at the Magnolia Housing Authority must first undergo inspection and appraisal in order to move forward with the grant process.
Magnolia Housing Authorities could receive $750,000 for the next three years.