December 6, 2024 | by Anna Orendain
Categories: 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 Jericho Village Apartments, a supportive rental property financed in part by TSAHC’s Texas Housing Impact Fund.
Jericho Village is a 38-unit multifamily rental community in Wylie, TX designed as nine multiplex homes that includes a mix of studio, one, two, and three-bedroom units.
Agape Resource and Assistance Center, Inc. (Agape), the main developer of Jericho Village, was founded in 2013 with the mission to provide affordable housing and supportive services to women and children experiencing homelessness that progresses them from poverty to financial independence.
The team of organizations that developed Jericho Village with Agape includes Domus Studio Group (architect,) Maker Bros, LLC (general contractor,) and Catholic Charities of Dallas (property manager). Saigebrook Development, LLC provided development consultant services.
The Jericho Village Apartments received $2 million in construction and permanent financing from TSAHC through our Texas Housing Impact Fund, providing gap financing for Agape to construct and operate the development.
The total development costs for Jericho Village are expected to be just over $9.3 million. In addition to the $2 million from TSAHC, Jericho Village received project financing from The Local Initiatives Support Corporation, Amegy Bank, and in-kind donations.
Jericho Village has received broad support from its community and has reserved 36 units for families and individuals that earn less than the area median income (AMI). The unit breakdown includes: 4 units for households earning up to 30% AMI, 19 units for those earning up to 50% AMI, 6 units for those earning up to 60% AMI, 7 units for those at 80% AMI and 2 marlket rate units.
In an area where nearly 50% of the renters are housing cost burdened, the Jericho Village Apartments will provide critically-needed units and services to members of the Wylie community.
Agape will provide on-site caseworkers to assist Jericho Village residents with job readiness, education, transportation, financial literacy and budgeting needs. Site amenities will include a community center, community garden, outdoor gathering areas and a playground.
TSAHC's commitment to affordable housing in the Dallas-Fort Worth area isn't exclusive to Wylie. In addition to Jericho Village, TSAHC previously financed the rehabilitation and preservation the Woodglen Park Apartments, providing 232 affordable housing units to the area.
In 2016, we issued $21.3 million in bonds for the acquisition and rehabilitation of two housing communities, James Manor and Peoples El Shaddai apartments, to address the housing needs in South Dallas.
TSAHC also issued $18.5 million in tax-exempt bonds to finance the construction of the Palladium Glenn Heights Apartments, which was finished in summer 2019. Palladium Glenn Heights is a 270-unit multifamily development located just south of Dallas.
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