Video: Developers Get Options To Purchase City Owned Property For Single Family Housing

TUPELO, MISS. (WCBI) – As many as eighty single family homes could be built in Tupelo at the site of a former apartment complex.

During a special meeting, the Tupelo City Council approved purchase option agreements with developers David Strange and Britton Jones. Strange holds an option for $300,000 worth of property on Ida Street. The option Jones holds is for $400,000  worth of property on Monument Drive and Lawndale.

“As a city government, it’s our job to be proactive and invest in our city and maintain high quality of life and property values in the city of Tupelo,” said Mayor Jason Shelton.

He points out that was the plan all along, when the city purchased Azalea Gardens on Ida Street several years ago. Most of the units were torn down, to make the land available for developers. The new homes would be built under the guidelines of the Section 42 low income housing program.

This project is different than the public- private partnership known as the Neighborhood Development Corporation. It’s overseen by the Mississippi Housing Corporation, and if everything is approved, the 80 or so single family homes that would be built, would not be listed on the market.

“You can’t just go buy one of those homes, you have to be a person qualified for that program, it’s essentially a rent subsidy, but not a rent voucher for 15 years, you have to have a job, not violate the law, comply with terms and conditions of the program for 15 years then you have the opportunity to buy that home for your family,” Mayor Shelton said.

Developers get tax credits for building homes through the section 42 program. The proposal must be approved by the Mississippi Home Corporation, before any construction begins.

Strange has finished a Section 42 housing development in Verona. He is currently working on one in Pontotoc.