Lucy Morgan Homes

Lucy Morgan Homes . 611 Borton Street . LaGrange, GA 30240 . Phone 706.884.9856 . Fax 706.407.2261

Lucy Morgan, constructed in the 1950s, is located 611 Borton Street within the City limits of LaGrange, Georgia, and is situated on approximately 17 acres consisting of 182 public-housing units, 50 apartment buildings, one administrative building, and one community center. We are requesting from HUD an Amended RAD CHAP Award allowing the development to demolish 8 units (less than 5% of the Lucy Morgan 182 unit thus meeting HUD’s de minimis demolition rule) and thus reducing the unit count of Lucy Morgan to 174 units. The proposed development plan is to develop Lucy Morgan in two-phases consisting of Phase I -85 units and Phase II- 89 units.

Lucy Morgan Phase II

Lucy Morgan Phase II (located at 611 Borton Street) will be financed very similar to Lucy Morgan II. By dividing the entire Lucy Morgan development into two phases, it allows the Housing Authority the opportunity to significantly rehabilitate the units while leveraging its capital and operating reserve funds over time and over its entire housing portfolio of 420 units. Time allows the housing authority to seek the various affordable housing finance sources, such as, 4% LIHTCs, FHLB –AHP grants, possible Housing Trust funds and DCA HOME funds, which are periodically available. Also, in developing Lucy Morgan in phases this allows the housing authority to deploy its developer fees into the remaining units needing resources within its housing portfolio. Phase II will consist of 89 units and the anticipated construction hard cost estimated at approximately $82,000 per unit. The final unit mix will be determined after the completion of the Environmental PHASE I. Again, as in Lucy Morgan Phase I, the hard construction cost will include major HVAC system replacements, replacement of floors, upgraded interior finishes, appliance and energy efficient upgrades and replacement of sewer and water laterals connecting to the sewer/water mains. The total development cost is approximately $12MM. Anticipated closing (start of construction) for Lucy Morgan Phase II is estimated in late October or early November 2016.