A 256-unit, garden style, rental community located at 72nd and Heards Lane in Galveston, Texas. This is a demolition rehabilitation of a multifamily apartment community damaged by Hurricane Ike. This re-development was undertaken by Odyssey Residential Holdings and its principal owner, Saleem Jafar. The project financing was based upon allocation of Community Development Block Grant funds from the TDHCA awarded in March 2010 in the amount of $10MM (no payment, fully subordinated, 2% interest, accrued only, with a balloon in year 30) combined with a forward allocation of HTC. TDHCA awarded credits from the 2010 credit ceiling for the development of $1.65MM in annual credits to fully fund the acquisition and rehabilitation of the community. At least 18 of the units are specially equipped for residents with special needs.