This is the latest entry in our On the House spotlight series.
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 Hamilton Valley Management, a property management and development company that partnered with TSAHC through the Texas Housing Impact Fund and the Multifamily Private Activity Bond Program.
ABOUT THE HAMILTON VALLEY PORTFOLIO
This 21-property development portfolio includes 802 newly rehabilitated units of multifamily rental housing in 20 different cities across the state of Texas. Most of these properties are also located within rural or smaller urban areas, providing much needed affordable housing to families within these communities.
Hamilton Valley Management Incorporated is a property development and management company that specializes in affordable multifamily housing in rural areas of Texas. With nearly 4,000 units under their management, over 3,000 units developed into affordable housing, and more than 70 combined years of multifamily real estate knowledge, Hamilton Valley is a highly experienced affordable housing developer.
We issued approximately $36 million in private activity bonds along with $3.5 million in construction financing towards the acquisition and rehabilitation of the portfolio of properties through the Texas Housing Impact Fund. The total budget for this 21-property development plan was $83.6 million.
One of the primary sources of funding we used for this portfolio of apartment complexes was a $3.75 million award from the Community Development Financial Institutions Fund we received in 2019. Specifically, it was a Capital Magnet Fund award which seeks to spur investment in affordable housing and related economic development efforts that serve low-income families and communities across the country.
SHOWCASING THE SEAGRAVES GARDEN APARTMENTS
The Seagraves Garden Apartments are one of the many newly renovated properties within the Hamilton Valley portfolio. Located in Seagraves, TX, this 32-unit multifamily apartment complex dedicates 100% of its units towards serving households who earn at or below 60% of the area median family income.
Like all of the properties within this portfolio, the Seagraves Garden Apartments were originally built through financing from the USDA Section 515 program and were at risk of losing affordability when these Section 515 agreements expired. Hamilton Valley Management’s acquisition of these properties using TSAHC funds mean that the properties’ existing tenants were not displaced and the affordability of these rural rental properties has been preserved.
TSAHC'S COMMITMENT TO RURAL HOUSING
Creating and preserving affordable housing in rural areas remains one of our priorities. Commitment to this priority is reflected in our Multifamily Private Activity Bond program which lists housing in rural and small urban markets as one of our targeted housing objectives.
Additionally, in 2018, TSAHC, alongside a network of partners, hosted a Rural Rental Housing Preservation Academy to highlight the dire need for preserving affordable rural rental housing and strategies for how to do it. The Academy spanned five sessions, and you can read summaries of each session here: Session One, Two, Three, Four, and Five.
In 2019, TSAHC and other partners gathered again to host the Texas Rural Rental Housing Buyer & Seller Conference and convened major stakeholders in an effort to preserve USDA Rural Development rental housing.
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.