Centerpointe Homes

3401, Diamond Boulevard, Weslaco, Hidalgo County, Texas, 78599, United States

Centerpointe Homes

3401, Diamond Boulevard, Weslaco, Hidalgo County, Texas, 78599, United States
Owned
Explore the Site
A 36-unit single-family home development on 40scattered lots within Centerpointe, an existing single-family subdivision, which is located at Diamond and International (FM 1015), Weslaco, Texas. Residents are vesting with the Section 42 option to own the home for the debt plus the exit taxes at the end of the primary compliance period. The rents are mixed-income, with affordable units for families earning 30% to 60% of the 2006 area median income of the Weslaco MSA. Public units, if any, fall under the 30% to 60% of AMFI category and consist of not less than 10% of the units. All of the units in the community will be covered by income and rent restrictions. RISE is the fee developer and contractor for the Housing Authority of the City of Weslaco, WHA. This is a HUD mixed financed development.
Financing

AIG Sun America is providing construction financing for this development in the amount of $2MM. AIG also committed 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 $1.50MM. The contractor broke ground on the project in August 2007. Completion: April 2008. 100% occupancy was achieved June 2008. AIG provided the perm loan at stabilization. The project received a soft money contribution from WHA for $600,000 plus an assignment of the pubic housing subsidy for the public housing units. The HTC award was $527,676 in annual 9% credits, $5,276,760 total. The construction contract was for $7.25MM. RISE was the property manager through lease-up and stabilization.

Details

Address

  • Address 3401 Diamond, Weslaco, TX
  • Zip/Postal Code 78599

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