A 100-unit rehab of an eight-story senior tower, 9% HTC, mixed-income development for seniors age 55 and over, and is located in Edinburg, Texas. Resident incomes range from 30% of AMFI including 30% public housing units to 60% of AMFI. RISE was the fee developer and contractor for the Housing Authority of the City of Edinburg, EHA, who is the GP and owner of the development partnership.
This is a HUD mixed financed development. Construction financing for this development was provided by AIG Sun America in the amount of $4.0MM. AIG Sun America provided a rate-locked forward funding commitment at 6.75% per annum fixed for 18 years, with a 30-year amortization permanent mortgage for this property in the amount of $1.2MM. The contractor broke ground on the project in June 2006. Completion: December 2006. 100% occupancy was achieved in April 2007. The project received a soft money contribution from EHA for $1,210,000 plus an assignment of the public housing subsidy for the public housing units. The project received an AHP grant for $350,000 from the FHLBB, Dallas, via IBC in the Fall of 2006. The HTC award was $387,316 in annual 9% credits. The project was eligible for 4% acquisition credits in addition to the 9% HTC award. The non-public housing units are supported by a ten-year project-based Section 8 contract. AIG Sun America is the equity investor. The construction contract was for $3.95MM. RISE was the property manager through lease-up and stabilization.