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First apartments in Regent I at old fairgrounds ready for inspection

By DAN WALLACH, Beaumont Enterprise

July, 24, 2008

Regent 1, the first phase of the Magnolia Gardens replacement by the Beaumont Housing Authority, will open its initial units Friday in a ceremony at 10 a.m. at the former South Texas State Fairgrounds.

The authority received a grant of $20 million from the U.S. Department of Housing and Urban Development and added another $32 million in grants, tax-exempt bonds and housing tax credits to pay for the residential construction.

Other financial partners in the all-new mixed-income development include Capital One Bank, Red Capital Group and the Texas Department of Housing and Community Development.

Regent I eventually will include 160 apartment units and will be available to families in a variety of income ranges.

In a prepared statement, Beaumont Housing Authority director Robert Reyna said, "Working families will be strongly encouraged to consider leasing these units."

The development replaces the former Magnolia Gardens housing development, which the housing authority demolished. Magnolia Gardens was home to extremely low-income people.

"Working low-income families need as much, if not more, help in meeting their housing needs," Reyna said.

A second phase in the development is under way and is expected to be complete in the summer of 2009. The third phase will have 83 single-family homes for sale to individual owners.

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