Covenant Gardens Senior Apartments: A Beacon of Affordable Housing Development in Southeastern Memphis

MEMPHIS, Tenn., April 11, 2024 /PRNewswire/ -- Christian Church Homes (CCH), in collaboration with New Covenant in Christ Ministries, Inc. (NCIC), is proud to announce the launch of the Covenant Gardens Senior Apartments project. This groundbreaking venture marks a significant stride towards addressing the pressing need for senior affordable housing in Southeastern Memphis.

Located at 2768 Mt. Moriah Parkway, Memphis TN 38115, Covenant Gardens is a 3-story, 203-unit development tailored to serve low-income renters aged 62 and older. The partnership between CCH and NCIC aims to provide affordable housing solutions for seniors, offering 51 one-bedroom units at 50 percent Area Median Income (AMI) and 151 one-bedroom units at 60 percent AMI.

Encompassing approximately 180,000 square feet, the development will feature surface parking and an array of amenities including a community room, mailroom, fitness room, reading/computer rooms, laundry facilities, unit balcony areas, and an outdoor community garden. Covenant Gardens is strategically situated near major bus transportation routes, ensuring easy access to essential services such as healthcare, grocery stores, recreational venues, civic offices, and adult educational facilities. The property will also offer personalized onsite services and programs to enhance the well-being of its residents.

With an estimated construction cost of $34,590,267 and a total development cost of $52,042,453, Covenant Gardens is scheduled to begin construction in June 2025, with a projected completion date of December 2026.

CCH will employ a combination of affordable housing funds, tax credits, deferred developer fees, and permanent debt to finance the project. Despite a funding gap of approximately $8,541,516, CCH remains committed to bridging this shortfall through additional sources of funding, including Project Based Vouchers (PBVs).

CCH distinguished itself nationally by being among the 25 nonprofit organizations to receive funding through the U.S. Department of Housing and Urban Development's (HUD) Section 202 Supportive Housing for the Elderly program. This award, granted to only two organizations within Tennessee, will facilitate the creation or renovation of affordable multifamily rental housing like Covenant Gardens, while also providing continuous project-based rental assistance specifically for low-income elderly residents.

The collaboration between CCH and NCIC underscores their shared commitment to serving the Memphis community and addressing the critical need for affordable senior housing. Through the Covenant Gardens Senior Apartments project, both organizations aim to foster a more inclusive and vibrant community while providing seniors with a safe and nurturing environment to call home.

For more information about Christian Church Homes, visit www.cchnc.org.
For more information about New Covenant in Christ Ministries, visit https://ncicmemphis.org/.

About Christian Church Homes (CCH)

Established in 1961, CCH is a non-profit organization that builds and manages affordable housing communities where low-income seniors and individuals with limited resources can live and thrive in the comfort of their own home. Having served more than 100,000 seniors for over 60-plus years, CCH has a portfolio of 48 caring communities that are More Than a Home to about 3,700 residents in six states and more than a job for its nearly 260 employees.

About New Covenant in Christ Ministries, Inc. (NCIC)

New Covenant in Christ Ministries, Inc. (NCIC) was established on September 25, 2010, and since its inception has been located in and serving the Memphis community. NCIC's community partnerships empower many of its community initiatives, such as implementing neighborhood gardens, distributing groceries through a food pantry, conducting a holiday food give-away, feeding individuals experiencing homelessness, organizing community health fairs, and most recently partnering to development senior affordable housing. NCIC is committed to serving the Memphis community. 

Quotes

"I am thrilled to announce that CCH is wholeheartedly committed to bolstering quality affordable housing in Memphis," said Gail Gilman, President and CEO of Christian Church Homes. "With our extensive 60-year track record of constructing and overseeing compassionate communities, we are eager to advance this project and make a meaningful impact on the lives of individuals and families in need."

"The Covenant Garden Project is raising the standard in affordable housing for Memphis," said Pastor Clifford Causey of New Covenant in Christ Ministries, Inc.

"As Memphis aging population increases and the affordable housing crisis continues, organizations like CCH become an integral part of meeting a critical need," said Memphis Mayor Paul Young.

"I am very excited about this project because Memphis has a shortage of quality affordable housing, especially for low-income residents," said Ashley Cash, Director of Housing & Community Development Division for the City of Memphis.

SOURCE Christian Church Homes