December 27, 2010
Gordon Anderson (512) 475-4743
State housing agency awards $1.3 million to expand senior housing in Del Rio
(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced a funding award for the construction of a new affordable rental property in Del Rio that will help bring stability to the lives of area seniors while providing a boost to the local economy.
TDHCA will provide $1,293,888 in gap financing to developers constructing the 48-unit Las Brisas Manor Apartments. The award was made through the Department’s HOME Investment Partnerships (HOME) Program, which is funded through the U.S. Department of Housing and Urban Development.
The property is being funded primarily with nearly $4.2 million in equity financing created through an allocation of housing tax credits previously awarded to the developers by TDHCA. Housing tax credits provide private investors with a benefit that is used to offset a portion of their federal tax liability in exchange for the production of affordable rental housing.
“We recognize that rental housing markets across the state have tightened over the past year and that means for many older Texans living on a fixed income it can be an enormous challenge to find a decent, affordable home,” noted TDHCA Executive Director Michael Gerber. “This award will help fill a financing gap and provide seniors the long-term benefits of a stable, secure home life while generating numerous construction jobs and the payroll, taxes, and fees that help provide essential services at the local level.”
Once completed, Las Brisas Manor will serve seniors earning no more than 60 percent of the area median family income, which for Val Verde County equals an annual income of $24,780 for a two-person household. For more information regarding Las Brisas Manor, please contact the development’s property management firm, Wedge Management, directly at (210) 821-4300 ext. 144.
About the Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs administers a number of state and federal programs through for-profit, nonprofit, and local government partnerships to strengthen communities through affordable housing development, homeownership opportunities, weatherization, and community-based services for Texans in need.
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