New lease-to-own residences targeted at middle-income families are planned for Bradley Road.
The Corinth Board of Mayor and Aldermen recently approved an agreement with Eagle Residential Development, LLC, which guarantees the city a certain amount of property tax revenue. The city will issue a letter supporting the project, which involves Mississippi housing tax credits.
The site includes property that formerly housed a mobile home park.
“What I like about it is it’s not your typical Section 42 or Section 8 housing,” said Mayor Tommy Irwin. “They really look nice.”
City Attorney Wendell Trapp said the developer plans to build 40 units consisting of 10 buildings with four units each. With about 1,400 square feet each, the residences will have three bedrooms, two bathrooms and garages.
Building Inspector Greg Tyson said the developers seek locations such as the Bradley Road site that need redevelopment. His office has not yet received a site plan for the project.
Trapp said the contract signed by the city ensures a certain amount of tax revenue over a period of years.
Zoning for the property changed from MH for mobile homes to R-3 for multi-family units three years ago when a different project for the property was in the works.
According to information presented to the city by the developer, the homes target families making up to $50,000 annually. Residents pay rent of $500 to $600 monthly, with dollars paid treated as down payments toward purchase.
The development will have on-site management.
The company has done similar properties in Holly Springs and Bolivar, Tennessee, as well as other locations in the South.