The board of the Little Rock housing authority's nonprofit organization on Wednesday voted to approve a refinancing deal for debt associated with the Madison Heights apartment complex.

The proposal is expected to go before the housing authority's board of commissioners during a meeting on Thursday.

The nonprofit Central Arkansas Housing Corporation has a three-member board made up of Quinyatta Mumford, Kenneth Langston and Anika Dixon.

Last week, Southern Bancorp offered to loan up to $5.1 million so officials can refinance the Madison Heights debt and make improvements to the apartment complex. A lender filed a foreclosure lawsuit against two of the three components of the apartment complex last year.

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