The Suffolk Redevelopment and Housing Authority’s board of directors approved on Tuesday $1.2 million in bond money to redevelop the Cypress Manor and Parker Riddick apartments off Davis Boulevard in downtown.

The money is going to rehabilitate the apartments in both communities, which have both been renamed — Cypress Manor will become White Marsh Pointe, while Parker Riddick will be known as Eagle Landing.

Parker Riddick’s 93 units are being completely torn down and rebuilt, while Cypress Manor’s 113 units will be rehabilitated. The 206 total housing units will be converted to Section 8 project-based voucher assistance housing.

City Council liaison Roger Fawcett asked why both apartment complexes were not just torn down.

SRHA chairman Ben Fitzgerald said that was the preference of the board, but it was not financially feasible.

“We had three options — one, try to tear everything down and maybe never get the money to do it,” Fitzgerald said. “Two, do nothing at all and say, ‘Well, we can’t have what we want, so we won’t do anything, or three, compromise and get what we want on one side, and something better than what exists on the other.”

Fawcett said it is a great project and only wanted to be sure that both apartment complexes would be equally well done when finished.

SRHA is submitting a low-income tax credit application to the Virginia Housing Development Authority for both sites, according to Community Development Director Lysandra Shaw.

Parker Riddick’s will be a 9-percent tax credit application in which SRHA will have to score enough to earn that, Shaw said, while Cypress Manor will be a 4-percent tax credit application that will be granted as long as SRHA meets certain threshold requirements.

Shaw said there would be a relocation team made up of about five people — experts in housing choice vouchers, referrals and occupancy and development — to help residents when it’s time to relocate, and they would be given plenty of time to do so.

“That relocation team is going to address things like residents’ education and meetings and landlord recruitment,” Shaw said.

She said resident meetings are already taking place to talk about the project, the amenities and the site. The group gave input on things they would like to see for the two projects.

“We’re going to have a bunch of families that are looking to relocate, so we want to get some landlords on board to help with that transition,” Shaw said.