HOT SPRINGS, Ark. — McGrew Properties has opened 17 of the 25 units at Rose Villa Senior Living, an affordable seniors housing property in Hot Springs.
BancorpSouth and the Federal Home Loan Bank of Dallas (FHLB Dallas) provided a $224,000 Affordable Housing Program (AHP) grant to fund the development. The grant was used for renovating the long-vacant building, which now serves residents age 55 and older living on fixed incomes.
The remainder of the units are under construction and are expected to open in the summer of 2018.
Project developer and owner of McGrew Properties, Richard McGrew, said that in his 16 years of rehabilitating properties, this was the most challenging project his team has worked on.
“The building had been sitting empty for so long, it was in rough shape,” says Richard McGrew, project developer and owner of McGrew Properties. “All the copper and metal had been stripped from the building. We had about 20 dumpster trucks haul away debris when we started this project.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as BancorpSouth Bank.