The City of Memphis PROPERTY PORTFFOLIO. Memphis Land Bank (MLB) Properties. Creating a City of Choice. Molly A. Beard, Executive Director

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1 The City of Memphis PROPERTY PORTFFOLIO Creating a City of Choice Memphis Land Bank (MLB) Properties Molly A. Beard, Executive Director 2600 Thousand Oaks Blvd, Suite # 3210 Memphis, Tennessee (901)

2 Memphis Land Bank (MLB) Properties The Memphis Land Bank, Incorporated (MLB) was established in the year 2000 for the express purpose of assisting the Memphis Housing Authority and The City of Memphis in the development, construction, management and operation of safe and affordable housing. MLB s primary focus and goal is to assist low and moderate income families and individuals, in The City of Memphis in achieving a standard of living that would otherwise be unavailable to them. Memphis Land Bank, Incorporated (MLB) recently: Closed on a Mixed-Finance Financing Place with HUD, MHA, and THDA for Lyons Ridge Apartments, a one building senior housing facility containing 59 one-bedroom and 43 two-bedroom units, eighty of the units will be reserved for public housing. The project is currently under construction and expected to be complete by July Closed on a Mixed-Finance Financing Plan with HUD, MHA and THDA for The Village at Cypresswood to be constructed on the former site of Cypresswood Estates Apartments. A planned 116 units in twenty-nine quad buildings will contain a mix of 72 two-bedroom and 44 three-bedroom units. A total of 57 of the units will be earmarked for public housing. The project is currently under construction and expected to be complete by August, 2011 Completed construction of Austin Park Place on the former site of the old Horn Lake Apartments. This property is currently fully leased. Acquired the GP interest in Levi/Lakeview Landing Rental Homes, resulting in the acquisition of 184 single family units on Levi Road near its intersection with Horn Lake Road. A total of ninety-two units are reserved for public housing.

3 AUSTIN PARK PLACE PROJECT DESCRIPTION: The newly constructed units at Horn Lake Apartments, L.P. development replaced the former dilapidated public housing community Horn Lake Apartments. The new homes will be rented to households with annual incomes at or below 50% and 60% of the Area Median Income (AMI). BEDROOMS: The site consist of 17 two-bedroom units, 34 three-bedroom units, 17 four-bedroom units and 3 five-bedroom units. NUMBER OF UNITS: 71 AMENITIES: Well lit areas, large spacious bedrooms, reserved parking, recreational/playground for children, washer and dryer, hookups, refrigerator/stove, central heat and air, windows adorned with mini-blinds, spacious kitchen and on-site property management/ maintenance. LOCATION: 4351 Leclaire Street (901) FAIRWAY MANOR PROJECT DESCRIPTION: The development, known as Fairway Manor is a proposed LIHTC and Tax-Exempt Bond project that will be located in Memphis, Tennessee, Shelby County. The subject site is part of the former site of Graves Manor, a dilapidated public housing community that is now demolished. BEDROOMS: The site will consist of 18 three-bedroom units and 18 four-bedroom units in a multi-family setting. It will also include a 68 unit senior building with 48 onebedroom units and 20 two-bedroom units. NUMBER OF UNITS: 104, upon completion. PLANNED AMENITIES: Large spacious bedrooms, ample parking, recreational/playground for children, refrigerator/stove central heat and air, washer and dryer hookups and a club house. PROJECT STATUS: Projected is awaiting notification of a possible LIHTC Award. LOCATION:

4 HAROLD E. FORD, JR. VILLAS PROJECT DESCRIPTION: Harold E. Ford, Sr. Villas, is made up of 36 duplex buildings, and has total of 72 dwelling units, plus a separate leasing office. One-half of the units are designated for public housing and the other half are tax credit units. All units are restricted to households earning at or below 50% and 60% of the Area Median Income (AMI). NUMBER OF UNITS: 72 AMENITIES: Property manager on-site, well lit area, large spacious bedrooms, ample parking, recreational/playground for children, washer and dryer hookups, refrigerator/stove, central heat and air, windows adorned with mini-blinds, spacious kitchen and on-site property maintenance. LOCATION: 549 Deerskin Drive (901) LEVI/LAKEVIEW LANDING PROJECT DESCRIPTION: Levi/Lakeview Landing Rental Homes consists of 184 residential units. All of the units are low-income tax credit units and are reserved for those earning at or below 50% and 60% of the Area Median Income (AMI). NUMBER OF UNITS: 184 AMENITIES: Premier location, spacious floor plans, private yard, three and four bedroom homes, storage space, refrigerator/stove, washer/dryer connections, free landscaping service, with no water and sewer fee. LOCATION: 3901 Dagan Drive (901)

5 PROJECT DESCRIPTION: The development is a proposed LIHTC property and not a former public housing site. The project will consist of 102 affordable elderly rental units to be located in one building. LYONS RIDGE BEDROOMS: 59 one-bedroom units and 43 two-bedroom units. NUMBER OF UNITS: 102, upon completion. PLANNED AMENITIES: Café, laundry facilities, central heat and air, secure entrance, spacious lobby, covered pick-up and drop-off area and interior court yard. LOCATION: 1633 Pennsylvania Avenue (901) PARKWAY COMMONS PROJECT DESCRIPTION: A two-story garden apartment community containing 80 units suited for families and single residents. All of the units are low income tax credit units. BEDROOMS: The site consists of 16 one-bedroom units, 40 two-bedroom units and 24 three-bedroom units. NUMBER OF UNITS: 80 AMENITIES: Gated community, laundry facilities on site, playground, minutes away from downtown Memphis, conveniently located near Park and I-240. LOCATION: 1500 Parkway View Circle Memphis, Tennessee (901)

6 RICHMOND PLACE PROJECT DESCRIPTION: Richmond Place, formerly known as Pecan Grove Senior Apartments, is a two-story garden apartment community built in 2001 on seven acres located off Horn Lake Road just north of the intersection with Mitchell Road. Units are reserved for Senior Citizens (62 years of age or older) and 6 units are adapted for handicapped persons. The units contain 537 square feet to 760 square feet for one and two bedroom units. NUMBER OF UNITS: 100 AMENITIES: Large spacious bedrooms, community room, fitness center, shuffleboard court, covered picnic area, media room, TV room, library, coin-operated central laundry room, on-site parking and secure access to the buildings. LOCATION: 3361 Sobota Drive (901) THE VILLAGE AT CYPRESSWOOD PROJECT DESCRIPTION: The development, known as The Village at Cypresswood is a proposed LIHTC property that will be located in Memphis, Tennessee, Shelby County. The subject site is part of the former site of Cypresswood Apartments, a dilapidated public housing community that is now demolished. BEDROOMS: The site will consist of 72 two-bedroom units and 44 three-bedroom units. NUMBER OF UNITS: 116, upon completion. PLANNED AMENITIES: Large spacious bedrooms, ample parking, recreational/playground for children, refrigerator/stove central heat and air, washer and dryer hookups and a club house. PROJECT STATUS: To be completed in August LOCATION: 4495 West Horn Lake Road (901)