The residents of Mississippi’s Hancock County celebrated the grand opening of Oak Haven Senior Apartments with Waveland Housing Authority, Centerpointe Regional Housing Development, Enterprise Community Partners, Inc., American Express Center for Community Development, and other local housing partners. The 80 unit project consists of affordable cottage style, single story duplex-homes configured as one- and two-bedroom apartments ranging in size from 583 to 836 square feet. The facility is serving local seniors aged 52 and older earning up to 50 percent of area median income.
"Oak Haven is a wonderful example of what people, whether they be from government, the private sector or the not for profit community, can do when they work together," said Gov. Haley Barbour. "I’m thankful toE nterprise for their continued commitment to the Gulf Coast’s recovery and to American Express for their generous investment in Oak Haven’s future."
As part of a rebuilding effort along the Gulf Coast, Enterprise partnered with local communities to rebuild communities along the coast that were damaged by the storms during 2005. The investment in Oak Haven includes hurricane resistant construction that can withstand winds up to 130 miles per hour.
"Enterprise is thrilled to be a part of the financing team for Oak Haven, our first of what we hope will be many LIHTC investments in Mississippi and one of many green affordable developments created as part of our commitment to rebuilding the Gulf," said Terri Ludwig, president and CEO of Enterprise Community Partners. "With more than 4,000 affordable homes already completed or under development across the region, Enterprise continues to work toward the day when all Gulf residents have an affordable place to call home."
Bay Waveland Housing Authority and Centerpointe Regional Housing served as developers of the $15.8 million Oak Haven development, of which the American Express Center for Community Development provided a $7.3 million investment. The project received an award of Gulf Opportunity Zone Low Income Housing Tax Credits from the Mississippi Home Corporation, which were purchased by American Express through Enterprise. The Mississippi Development Authority provided $8.5 million in Community Development Block Grant hurricane relief funds.