August 2, 2024
Categories: Affordable Housing, Construction, Rental Housing, Spotlight
TSAHC periodically spotlights affordable housing developments across the state to help readers understand what they look like, how they are financed, and who lives there. This week, we are focusing our spotlight on the Eden Court Apartments, a property financed in part by TSAHC’s Multifamily Bond Program.
In 2023, TSAHC awarded $16 million in Multifamily Bonds to National Church Residences to provide capital for the acquisition and rehabilitation of Eden Court in Seguin, Texas. When complete, Eden Court will provide 110 units of affordable housing to low-income seniors.
A total of 28 units will be reserved for residents earning up to 50% of the area median income (AMI), and 82 units will be reserved for households earning up to 60% AMI. This unique transaction combined two adjacent properties, a 50-unit subsidized HUD 202 property and a 60-unit former LIHTC property into one transaction with one ownership entity, thereby preserving and rehabilitating critically needed income-restricted housing in Seguin.
The total development budget for Eden Court is approximately $29.9 million. In addition to bond financing from TSAHC, Eden Court also received financing from Key Bank, $11.5 million in housing tax credits from the Texas Department of Housing and Community Affairs, and a $2.2 million capital advance and 14 project-based rental vouchers from the U.S Department of Housing and Urban Development.
The property is located near Texas Lutheran University and the downtown business district. It sits along the Connect Seguin transit system with regular service to connect residents to health care, parks, a shopping center, and governmental offices. An array of onsite services will be available free of charge to residents.
National Church Residences is one of the nation’s largest not-for-profit developers and managers of affordable senior housing. They opened their doors in 1961 under the guidance and vision of founder Reverend John R. Glenn and continue to honor his mission centered on providing quality housing and care at affordable prices for senior communities. National Church Residences owns and/or manages more than 23,000 units in 360 affordable and market-rate properties, with 40 developments located in Texas.
TSAHC issues multifamily tax-exempt bonds to help build or preserve affordable rental housing in Texas. We receive 10% of the state’s annual private activity bond volume cap for rental projects and have the authority to issue everywhere in Texas. Every year, we release Multifamily Bond Program Policies and invite the public to comment on them.
We just published our Draft 2025 Multifamily Bond Program policies last month, and the public comment period is open until August 6, 2024. All public comment or questions about the Draft Policies may be submitted via email to [email protected].
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.
TSAHC reviews all blog comments before they are posted to ensure a positive experience for our online community. Off-topic comments; hostile, derogatory or deliberately insulting comments; and comments specifically promoting goods and services will not be posted.
Approved comments will be published in their entirety. Personal information will not be removed unless it pertains to someone other than the person submitting the comment. For more information, please see our Comment Posting Guidelines.
To remove a previously submitted and published comment, please contact Anna Orendain at [email protected].
If you have a question regarding any of TSAHC's programs, please contact us.
