A 120-unit rehabilitation of an existing two-story garden apartment community located in Tyler, Texas. This redevelopment was a preservation project of a HUD HAP property near Texas College in the City’s North-end Revitalization area. RISE is the fee developer and general contractor for the community. The project was considered at-risk with an expiring HAP contract and was preserved with the acquisition of the property in August 2012 by the partnership. During the 2013 TDHCA application round the property received an award of 9% housing tax credits in the amount of approximately $12MM. Resident incomes range from 30% of AMFI to 60% of AMFI. Acquisition, construction and permanent financing for this development was be provided by IBC in the amount of $6.5MM. Greystone provided a pension fund financed, rate-locked forward funding commitment at 5.72% per annum fixed for 18 years, with a 35-year amortization permanent mortgage for this property in the amount up to $6.5MM. The contractor broke ground on the project in December 2013 following the first section of resident relocation. Completion: November 2014. The value of the construction contract is approximately $8.0MM.