A 120-unit new-construction, 9% HTC, mixed-income development for families is located in the Brownsville Country Club neighborhood. Resident incomes range from 30% of AMFI to 60% of AMFI. A majority of the development units, 60%, are leased at market rates without income restrictions. RISE Residential or their affiliate is the GP and owner of the development partnership.
Construction financing for this development will be provided by IBC in the amount of $10.0MM. The City of Brownsville made financial contributions to the development totaling $750,000 including an allocation of Housing funds and project fee waivers. IBC is providing a permanent mortgage at stabilization at 7.5% per annum fixed for 15 years, with a 30-year amortization permanent mortgage in the amount of $3.25MM. The contractor broke ground on the project in August 2014. HTC award was $500,000 in annual 9% credits, or $5MM total. The construction contract was $10.9MM.