December 21, 2023
Categories: Press Releases
TSAHC has awarded $16 million in Private Activity 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.
The property is located near Texas Lutheran University and the downtown business district. Eden Court is also on the Connect Seguin transit system with regular service to connect residents to health care, parks, a shopping center, and governmental offices. Property management will provide an array of onsite services free of charge to residents.
“Redeveloping Eden Court will address our state’s underserved housing needs by preserving desperately needed affordable housing for seniors in a small market. We’re excited to partner with National Church Residences, an industry leader in delivering high quality housing for seniors,” said TSAHC President David Long.
The total development budget for Eden Court is approximately $29.9 million. TSAHC approved $16 million in Private Activity Bonds to provide the majority of the financing for the project, with other financing from Key Bank. Eden Court also received $11.5 million in housing tax credits from the Texas Department of Housing and Community Affairs with tax credit equity provided by the National Equity Fund, and a $2.2 million capital advance and 14 project-based rental vouchers from the U.S Department of Housing and Urban Development (HUD).
Tracey Fine, senior director for Texas for National Church Residences said, “we are thrilled to preserve this critical affordable housing for the Seguin and Central Texas community.”
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.
