A former Carnation milk plant has been transformed into an affordable housing community for seniors in Tupelo, Mississippi.
Developed by Intervest Corp., Carnation Village offers 27 one- and six two-bedroom homes for residents earning between 30% and 60% of the area median income. The community features a butterfly garden, walking trails, and a community clubhouse with an exercise facility and central laundry.
The adaptive-reuse project revitalizes a historic structure representative of Tupelo’s rich history rooted in Northeast Mississippi’s dairy industry. Buit in 1927, the plant was an important part of the city’s economy for decades. After closing in 1965, the site, which features an iconic smokestack, was mostly used as a warehouse.
Carnation Village was made possible through financial support from public and private lenders. The Mississippi Home Corp. awarded $12.7 million in federal low-income housing tax credits and $5.7 million in federal and state historic tax credits, which were syndicated by Hunt Capital Partners through one of its multi-investor funds.
Cadence Bank provided $10.9 million in construction financing, and Financial Institutions Housing Opportunity provided $475,000 in permanent financing.
“Carnation Village was a true labor of love by Intervest for the seniors of Tupelo. Projects like these that repurpose historical buildings that meant so much to a city like Tupelo are extra special to the community and to the people who benefit from living there,” says Amy Dickerson, chief operating officer at Hunt Capital Partners, noting that senior residents will save on average 47% in rent compared with market rate.
