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A 100-unit rehabilitation of a six story, mid-rise, senior tower financed and developed using 9% HTC. The Senior Towers project is a mixed-income, HUD mixed financed development for seniors age 55 and older located at 303 West 6th Street, Weslaco, Texas. Resident incomes range from 30% of AMFI, including public housing units to 60% of AMFI. RISE is the fee developer and contractor for the Housing Authority of the City of Weslaco, WHA, the long- term owner of the development.
Financing
The project received a soft money contribution from WHA of $1.45MM in the form of a long-term, low-interest loan. The TDHCA awarded $5,393,850 in total credit to this development in the 2006 competitive HTC round. The project is eligible for 4% acquisition credits in addition to the 9% HTC award. Construction financing for this development is provided by AIG Sun America in the amount of $1.45MM. AIG Sun America provided a rate-locked forward funding commitment at 7.75% per annum fixed for 18 years, with a 30-year amortization permanent mortgage for this property in the amount of $1.45MM. The contractor broke ground on the project in May 2008. Completion: December 2008. 100% occupancy was achieved November 2009. The construction contract was for $4.65MM. RISE was the property manager through lease-up and stabilization.
Details
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Year Built
2007 -
Total Units
100 -
Average Occupancy
99%
Address
- Address 303 6th. Street, Weslaco, TX
- Zip/Postal Code 78596
