Construction financing for this development was provided by IBC in the amount of $5.5MM. AIG Sun America provided a permanent mortgage at stabilization at 7.15% per annum fixed for 18 years, with a 30-year amortization permanent mortgage in the amount of $3.25MM. The contractor broke ground on the project in December 2005. Completion: October 2006. 100% occupancy was achieved in April 2007. The project received a soft money contribution from BHA for $710,000 plus an assignment of the public housing subsidy for the public housing units. BHA received a $750,000 HOPE VI demolition grant to supplement this replacement housing project in the Rio Grande Valley. The HTC award was $1.082MM in annual 9% credits. AIG Sun America is the equity investor. The construction contract was for $10.4MM. RISE was the property manager through lease-up and stabilization.