Holly Springs' Murphy Lane Tax Credit Community Wins National Awards

Murphy Lane and its developer, Rosedale Corporation of Oxford, will be awarded as winner of the 2014 Developments of Distinction awards at the Novogradac Tax Credit Developers Conference at the Mandarin Oriental Miami, Jan. 8-9, 2015.
Rosedale Corporation will be recognized in the LIHTC Development that Best Reflects Market Success in Overcoming Significant Obstacles category for Murphy Lane.
Murphy Lane, a product of the Mississippi Home Corporation’s tax credit program, offers 36 units of affordable housing to seniors and residents with disabilities. Financing partners said that prior to the development of Murphy Lane, all affordable rental units in Holly Springs were fully subsidized by the government because analysts thought that the market could not support an affordable housing development for which residents had to pay their rent. To make Murphy Lane feasible, Rosedale Corporation deferred its developer fee, provided additional guarantees, reduced rents, accepted a slowed equity pay-in schedule and capitalized a reserve to provide a rental subsidy to all residents for five years. Financing partners said that the success of Murphy Lane has prompted the construction of another 56-unit tax credit development nearby.
“Hard-working families and individuals across the country have a safe and affordable place to call home because of the work achieved by our 2014 Developments of Distinctions Awards honorees,” said Susan Wilson, CPA, conference chairwoman and partner in Novogradac’s Austin, Texas office. “We’re pleased to recognize their accomplishments and to highlight the importance of the low-income housing tax credit in building and preserving our nation’s affordable housing stock.”
Murphy Lane Developer Stewart Rutledge said, “We are honored to receive this award, but the real credit goes to the Holly Springs community, particularly Mayor Kelvin Buck and other city officials and citizens, who helped us overcome obstacles to prove that ‘small-town’ Mississippi can and will support high quality affordable housing.”
The Novogradac Journal of Tax Credits provides news, analysis and commentary on the affordable housing, new markets, renewable energy and historic rehabilitation tax credit industries. This comprehensive 80-page publication features columns written by industry experts, Q&As on technical tax credit issues, features about tax credit developments and more, all informed by Novogradac and Company’s more than 25 years of experience on the front lines of the tax credit industry.
For more information regarding Murphy Lane or Rosedale Corporation, please contact Stewart Rutledge at (662) 202-8226 or by email at stewart.rutledge@rosedalecorporation.com. For more information about the Novogradac Journal of Tax Credits Developments of Distinction Awards, please contact Teri Baker at (415) 356-7995 or by email at Teri.Baker@novoco.com.