Magnolia Ridge Slowed By Funding

Highlands Residential Services will pivot on a proposed housing project after failing to receive tax credits from the Tennessee Housing Development Agency.

Chairman Robert Owens said the board did not receive the tax credits for Magnolia Ridge. Owens said not receiving the funding is a stumbling block in the project.

“We will be trying again on the next cycle,” Owens said. “In the meantime, there is still lots of developmental work that can be done before we have to have those tax credits come through, and then we got some other opportunities to explore some other resources as well.”

The next cycle of tax credits will be in the late summer of 2025. Owens said despite the setback he still believes the Magnolia Ridge project will still come to fruition.

“I feel confident that Magnolia Ridge is going to happen,” Owens said. “Even if we don’t get the tax credits next go around I’m still confident we will find a way to move forward with some of the potential other ideas we have with some of our other sites.”

Highlands Residential missed out on the tax credits as an unexpected competitor scored slightly better when applying for funding.

Owens said the Red Bud Village project is still in the works. Owens said the project still has a lot of dominoes to fall in the development process.

“We are probably as much as a couple of years out from having anyone in a residence,” Owens said. “We haven’t even broken ground yet on that property, so there is still a little time before that one gets off the ground.”

“We have a considerable part of our population that is what we would consider to be low income. That population is growing. As healthy as our community is and seems to be with economic growth there is still a growing population of folks that need financial support relative to housing, and we are very well positioned to meet that growing need.”