Texas Housing Impact Fund Success Stories
Through our collaboration with a network of local partners across the state, TSAHC is able to finance a range of affordable single-family and multi-family housing developments. Below are examples of projects we have financed.
AHA! At Briarcliff | Central East Austin, Texas
AHA! at Briarcliff is a 27-unit property that provides affordable rental housing in Central East Austin. In 2018 TSAHC committed $995,000 for the construction of AHA! at Briarcliff. The property provides affordable housing for low to moderate-income households with disabilities. Ten units serve extremely low-income households, and the remaining units are for households earning up to 60% of the area median income. Half of the units are accessible, and the other half are adaptable for persons with disabilities.
Builders of Hope Community Development Corporation | Dallas, Texas
Builders of Hope Community Development Corporation builds energy efficient homes in the West Dallas, Pleasant Grove, and Oak Cliff neighborhoods of Dallas, Texas. The organization used a revolving loan from TSAHC to construct modern three and four bedroom affordable homes. Monthly mortgage payments range between $600 to $800 a month which is less than most renters pay monthly.
Norman Henry, President/CEO of Builders of Hope CDC, commented on TSAHC’s financing stating, “We need flexibility with our lending to help us provide homes for people with tight budgets and special financial needs, and TSAHC provided exactly that.”
Burnet Place Apartments | Austin, Texas
Burnet Place will be a 61 efficiency-unit rental community with wrap around services in Austin, Texas. TSAHC awarded Project Transitions, the developer of Burnet Place, $3 million in construction financing to cover the rising to cover the rising costs of construction. Of the 61 units, 40 will be set-aside for households earning 30% or less of the area median income (AMI) and 21 will be set-aside for households at or below 50% AMI. 7 units will be for persons with mobility impairments and all units will be universally accessible.
Project transitions has been dedicated to serving persons living with HIV/AIDS since 1988. The wrap around services includes needs assessments, connections to financial benefits and medical services, group activities, emotional support, and counseling. When Burnet Place Apartments is completed Project Transitions will have 101 units dedicated to individuals and families impacted by HIV/AIDS.
Cady Lofts | Austin, Texas
Cady Lofts is a proposed 100-unit multifamily renal community that is being developed by SGI Ventures, Inc., with support from New Hope Housing and Endeavors. Through the Affordable Housing Partnership (AHP), a part of the THIF suite of loan products, TSAHC provided SGI Ventures with $300,000 in loan financing to assist with construction costs. Of the 100 units, 20 units will be set-aside for households earning 30% or less of the area median income (AMI), 60 units will be set-aside for households earning 50% or less of the AMI, and 20 units will be set-aside for households earning 60% AMI or less.
Included in that count are four units that will be set-aside to serve extremely-low-income individuals who qualify for Long-Term Services and Supports through Medicaid (LTSS).
Embree Eastside by Palladium | Garland, Texas
Embree Eastside by Palladium is a 107-unit property that provides affordable housing options in Garland, Texas. TSAHC provided a $375,000 forgivable loan through our Affordable Housing Partnership (AHP) program, a part of the THIF suite of loan products, that went towards constructing five of the units for extremely low-income residents. The property provides a spectrum of affordable housing options, ranging from units reserved for households earning up to 30% of the area median income (AMI) to units targeted to households earning up to 80% AMI.
Tom Huth, President and CEO of Palladium USA International said this about TSAHC’s financing, “This new source of funding allowed us to provide community-integrated, accessible, high-quality homes to some of Texas’ most vulnerable residents. It’s not just an apartment we’re building. For them, it’s a life changing environment.”
Hamilton Valley Management Incorporated | Rural areas of Texas
Hamilton Valley Management Incorporated is a property management and development company that specializes in creating affordable housing within rural areas of Texas. In 2019, TSAHC committed $3.5 million in financing Hamilton Valley Management for the acquisition and rehabilitation of multiple properties totaling 802 units across Texas. With the acquisition of the properties using TSAHC funds, Hamilton Valley Management can work to preserve renal affordability and ensure that the properties’ existing tenants are not displaced.
Legacy Community Development Corporation (Legacy CDC) | Beaumont, Texas
Through the Texas Housing Impact Fund (THIF) and the Affordable Communities of Texas program Legacy CDC has partnered with TSAHC on affordable housing initiatives. In 2013, TSAHC provided Legacy CDC with an initial line of credit to build and renovate homes at Gifford Pond in Arthur, Texas. Since then, TSAHC has provided $1.57 million in the THIF loan funds for the construction or rehabilitation of 30 affordable homes in Jefferson County.
The homes are available for low to moderate-income households. Additionally, they are built to meet TSAHC’s accessibility and energy efficiency standards, helping homeowners to reduce their cost of utilities and improve their air quality conditions inside homes.
Vivian Ballou, executive director of Legacy CDC said this about TSAHC’s financing, “Impact Fund financing is flexible and revolving, and that gives nonprofits like us the ability to provide affordable homeownership opportunities on an ongoing basis.”
Limestone Ridge Apartments | Big Spring, Texas
Limestone Ridge is a 72-unit multifamily complex and community building located in Big Spring, Texas that was built in 2004. TSAHC provided a loan in the amount of $1,044,000 to construct the project.
Manor Town Apartments | Manor, Texas
Manor Town Apartments is an affordable housing community providing housing to senior citizens in Manor, Texas. In 2020, TSAHC committed $225,000 through the Affordable Housing Partnership (AHP a part of the THIF suite of loan products, to assist with the construction and permanent financing of the second phase of the Manor Town Apartments. The second phase of the Manor Town Apartments added an additional 20 units of affordable rental housing to seniors who earn less than 30% area median income and wish to enjoy an independent lifestyle.
MiCasita | Cameron, Hidalgo and Willacy Counties, Texas
The MiCasita program, by come dream. come build (CDBC) (formally The Community Development Corporation of Brownsville), gives low and very low-income households the opportunity to own and build equity in a home by constructing and financing their home in phases. TSAHC provided CBCD with $1 million in financing as a revolving line of credit. This will cover construction of at least 30 single family homes through CDCB’s MiCasita program. The homes start with a 600 to 650 square foot core unit, that can be expanded when the family grows to reach 900 to 1,000 square feet in total.
Roosevelt Gardens | Austin, Texas
Roosevelt Gardens opened in 1995 and the Community Housing program in 2003 to respond to an increase in need for transitional housing for those living with HIV. In 2020 Project Transitions demolished Roosevelt Gardens to redevelop it and nearly double the units to 40 units of affordable housing exclusively for people with HIV. In 2021 TSAHC committed $150,088 in financing to Project Transitions to provide the remaining financing needed to redevelop Roosevelt Gardens.
The expansion of Roosevelt Gardens provides much needed housing and supportive services to families and individuals affected by HIV/AIDS and Roosevelt Gardens is now 100% full with a waiting list.
Sagebrush Apartments | Brady, Texas
Sagebrush Apartments was originally constructed in 2003 in Brady, Texas and is now a 60-unit affordable rental community reserved for households earning up to 60% of the area median income. Through the Impact Fund, TSAHC provided a bridge loan to The Texas Housing Foundation (THF) for the acquisition of Sagebrush Apartments.
THF has developed more than 1,000 units of affordable rental housing across Texas. TSAHC has worked with THF before, financing the construction of properties located in Midland and Georgetown through TSAHC’s private activity bond program.
Saison North Apartments | Austin, Texas
Saison North is a 116-unit multifamily rental community being developed by Saison North, LLC., an entity made up of O-SDA Industries and Travis County Housing Finance Corporation. Through our Affordable Housing Partnership (AHP), a part of the THIF suite of loan products, TSAHC provided a $375 deferred forgivable loan to assist with construction cost increases. Nine of the units will be for households earning less than 30% of the area median income (AMI), 34 units will be for households earning 50% or less than AMI and 39 units will be for households earning 60% or less AMI.
Included in that count are five units that will be set-aside for individuals qualified for Long-Term Services and Supports, made possible through our AHP program.
The Chicon and The Chicon Phase II | Central East Austin, Texas
The Chicon features 28 single-family residences across two buildings in Central East Austin that was developed by the Chestnut Neighborhood Revitalization Corporation (CNRC). TSAHC provided a $2,000,000 construction loan to CNRC for the development of the property. 21 of the 28 units serve households whose income is 80% or below the area median income (AMI). The Chicon also features ground-level commercial space for local businesses and neighborhood services.
Sean Garretson, CNRC President said this about TSAHC’s financing, “TSAHC’s Texas Housing Impact Fund investment was the catalyst for securing construction financing and creating affordable homeownership opportunities in a rapidly changing part of Austin.”
The Chicon Phase II is a 49-unit, mixed-use, affordable condominium and commercial development in Central East Austin that is being developed by CNRC. TSAHC provided CNRC with a $100,000 predevelopment loan. The community will include 37 affordable units for households earning up to 80% AMI and 12 market rate units. After The Chicon Phase II is completed, CNRC will have created at 43 residential units, with most of them serving those whose income is 80% or below AMI, and 10 affordable commercial spaces for ownership.
Sean Garretson, also said this on TSAHC’s funding, “The biggest hurdle for small organizations like ours is bridging the gap between acquiring land and making a project shovel-ready. TSAHC’s predevelopment loan met that need and allowed us to make our project a reality.”
The Willows | Austin, Texas
The Willows is a 64-unit multifamily complex in Austin, Texas. TSAHC provided a 15-year, $1.2 million construction loan to the Mary Lee Foundation, and the organization leveraged TSAHC funding to receive additional funding from the Federal Home Loan Bank and the City of Austin. The Mary Lee Foundation, founded in 1963 by Charlene Crump, inspires and involves persons with disabilities through programs, advocacy, and education.
Vista Rita Blanca | Dalhart, Texas
The Vista Rita Blanca Apartments built by Guadalupe Economic Services Corporation include 28 units of rural affordable rental housing targeted to agricultural workers in Dalhart, Texas. TSAHC provided a $356,125 construction loan for the project that was combined with $2,686,430 in funding from the U.S. Department of Agriculture to finance the development. Rents range from $637 to $781 per month for two to four bedroom units.
Diana Lopez, Executive Director of Guadalupe Economic Services Corporation, commented on the financing provided saying, “TSAHC’s financial commitment was the critical link in building the Rita Blanca project and creating safe and affordable housing for families who otherwise would not be able to find a suitable place to live.”
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