In an influential stride toward addressing the affordable housing crisis, McDowell Housing Partners proudly hosted a grand opening ceremony and ribbon cutting Tuesday for Ekos Magnolia Oaks, a 110-unit low- and middle-income housing community nestled in the heart of Tallahassee’s south side.
The development consists of 30 one-bedroom, 65 two-bedroom, and 15 three-bedroom apartments, specifically designed to cater to families needing affordable housing solutions.
One of the primary purposes of this project is to present families in Tallahassee with housing opportunities that align with their economic circumstances. The apartments at Ekos Magnolia Oaks are exclusively reserved for families with incomes at or below 33% – 60% of the area median income. With rental rates varying from a modest $427 to $1,203 per month, this community aims to create comfortable, quality housing for a broader range of individuals and families.
Patrick McDowell, chief executive of McDowell Housing Partners, expressed his delight at making a difference in hundreds of lives as they welcome residents into Ekos Magnolia Oaks.
“It’s even gotten harder over the last couple of years than it was when we first envisioned this project for people to make ends meet,” McDowell said. “The problem you’ve got today is that food costs, electricity costs and gas costs, those are basic needs that people have that are outstripping the inflation numbers. And even though inflation is down, those numbers keep going up, and so the people that need housing like this are just having an amazingly difficult time making ends meet.”
What sets Ekos Magnolia Oaks apart is the affordability and variety of amenities it offers its residents. The five garden-style apartment building boasts a range of facilities, including surface parking, a stand-alone clubhouse, a media room, a fitness center, a pool, a tot lot, and a picnic area. These amenities are constructed to enrich the overall living experience and develop community within the complex.
Lorraine Brinson, a 70-year-old resident of Ekos Magnolia Oaks, spoke cheerfully as she described her determination to one day call the complex home at the same time as she witnessed its assembly.
“I used to ride by here and tell my daughter, I’m going to get me one of them,” Brinson said. “She would say, ‘How do you know?’ I said, ‘I bet you.’”
Funding for Ekos Magnolia Oaks comes from varied sources, underscoring the importance of public-private partnerships in addressing the housing crisis. Raymond James provided 4% Low-Income Housing Tax Credit equity, Truist contributed a $12.5 million construction loan, Grandbridge RE Capital furnished a $6.86 million permanent loan, and the City of Tallahassee Community Redevelopment Agency extended a $500,000 CRA loan. Additionally, RRLP-FHFC contributed $5.95 million to the project.
Tallahassee Mayor John Dailey acknowledged that while the combat against homelessness and the affordable housing crisis can only be propelled by a collaborative effort, this battle is the city’s top priority.
“This is what Tallahassee is all about when we as the government think creatively and we meet up with the private sector with great incentives, this is how you build affordable housing,” Dailey said. “There’s more to come, and we have more affordable housing projects either being developed or in the pipeline than we have had in the past 25 years combined because it is truly a priority of this city’s commission, it is a priority of the city of Tallahassee.”
The success of Ekos Magnolia Oaks symbolizes an optimistic step toward managing the ongoing affordable housing crisis, showcasing how public and private entities can work together to make quality housing more accessible for families in need. This development serves as a beacon of hope for individuals and families struggling to find affordable housing in Tallahassee, and it sets an example for future collaborative efforts in tackling this national issue.