The Little Rock housing authority's board of commissioners on Thursday authorized a $5.1 million refinancing deal with Southern Bancorp in order to end a foreclosure lawsuit against two of the three components of the Madison Heights apartment complex.

The vote puts the housing authority in a position to finally move on from the foreclosure case, which was filed by a Delaware-based firm last year and put the future of more than 200 units at Madison Heights in doubt.

Bruce James, the board's chair, along with commissioners Karen Buchanan and Stacie Brown voted in favor of the item. Monty Baugh, the vice chair, and commissioner Kerry Wright were absent.

The board of the housing authority's nonprofit affiliate, the Central Arkansas Housing Corporation, approved the deal the day before.

Ark

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