Explore the Site
A 132-unit, rehabilitation of an existing two story, garden apartment, community located at 1155 Paredes Line Road, Brownsville, Texas. This redevelopment was undertaken in a joint venture with the Brownsville Housing Authority, BHA. The project was considered at-risk with an expiring HAP contract and was preserved with the acquisition of the property in August 2007 by the partnership following an award of 9% housing tax credits and an allocation of HOME funds from TDHCA and the City of Brownsville respectively. Resident incomes range from 30% of AMFI to 60% of AMFI. RISE is the fee developer and contractor for the BHA, who is the long-term owner of the development.
Financing
The project received a soft money contribution from the City of Brownsville of $800,000 of HOME funds in the form of a long-term, low-interest loan. The TDHCA awarded $10.76MM in total credit to this development in the 2007 competitive HTC round. Construction financing for this development is provided by IBC in the amount of $8.3MM. FNMA offered a rate-locked forward funding commitment at 7.15% per annum fixed for 18 years, with a 30-year amortization permanent mortgage for this property in the amount up to $6.35MM. The project converted to perm loan in October 2010. The contractor broke ground on the project in March 2009 following the first section of resident relocation. Completion; March 2010. 100% occupancy was achieved in April 2010. 100% of the units are subsidized by a 20-year project based rental assistance (HAP Contract) from HUD. The construction contract was for $7,5MM. RISE was the property manager through lease-up and stabilization.
Details
-
Year Built
2007 -
Total Units
132 -
Average Occupancy
100%
Address
- Address 1155 Parades Line Rd, Brownsville, TX
- Zip/Postal Code 78521
