A 280-unit new-construction development for low and moderate-income families located in Austin, Texas off of E. Parmer Lane. The site is 19 useable acres near Harris Branch Creek. Construction financing was provided by IBC. IBC purchased the bonds through a tax-exempt bond/loan offering for $40MM. The permanent financing is a rate-locked, forward commitment from Freddie Mac for a tax-exempt loan of up to $41MM. The bonds and equity financing closed in January 2020. Completion: March 2022. 100% occupancy is forecasted for December 2022. 42 Equity Partner is the equity investor in this development. Total development costs of $62MM are budgeted and financed. RISE is the key principal in the IBC and Freddie Mac Loans.