Hunt Capital Partners Closes on $13.2 Million in LIHTC Financing for 60-Unit Senior Affordable Housing Development in Stafford, Texas
2024年7月12日 - 12:00AM
ビジネスワイヤ(英語)
Hunt Capital Partners, in collaboration with
nonprofit Oaklake Community Housing Development Corporation
(OCHDC), announced the closing of $13.2 million in federal
Low-Income Housing Tax Credits (LIHTCs) for Oak Lofts Crossing for
Seniors (Oak Lofts), a 60-unit affordable housing development in
Stafford, Texas. Comprised of one 4-story, elevator-serviced
mid-rise building, the development will offer a mix of one- and
two-bedroom affordable homes for those who earn up to 30%, 50%, and
60% of the Area Median Income (AMI). Oak Lofts will serve the
senior community, aged 55 years or older.
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Rendering of Oak Lofts Crossing
affordable housing development for seniors in Stafford, Texas.
(Photo: Business Wire)
Oak Lofts Crossing provides a much-needed solution to help
address the affordable housing deficit in the Houston metro region,
an area where the National Low Income Housing Coalition identified
an 85% deficit in affordable housing options for extremely
low-income households.1 The senior housing landscape is further
complicated, with a recent study from Harvard University revealing
that nearly two-thirds of senior renter households are classified
as severely cost-burdened.2
“Seniors are over-represented among severely cost-burdened
households due to many living on fixed incomes and having to deal
with escalating rents in market-rate housing,” said Hunt Capital
Partners Acquisitions Senior Director Omar Chaudhry. “Hunt Capital
Partners is pleased to collaborate with OCHDC to advance the
availability of affordable housing for senior Texans, helping
ensure that this vulnerable group is able to live in a quality,
amenity-rich home with comfort and peace of mind."
The apartment homes with open floor plans will be fully equipped
with central air conditioning, Energy-Star rated light fixtures,
Energy-Star rated appliances, low flow water fixtures, 9ft
ceilings, granite counter tops, stainless steel appliances, faux
wood plank flooring, tall upper cabinets, walk-in closets,
pantries, and washer & dryer connections. Oak Lofts will offer
common area amenities which include an onsite leasing office, a
multipurpose club room, a fitness center, a business center, an
arts & crafts studio, covered porches and Wi-Fi hotspots.
“As a non-profit owner and developer, we aim to enrich the lives
of everyone in our communities, and the City of Stafford is the
most ideal place for offering hope and new attainable housing
choices to seniors,” said OCHDC Executive Director JOT Couch. “We
are excited to bring Oak Lofts Crossing for Seniors to Fort Bend
County and continue our non-profit mission with the help of our
dedicated partners.”
To help make the development a reality, Hunt Capital Partners
syndicated the LIHTCs through one of its multi-investor funds.
Lenders include Amegy Bank who will provide $10.5 million in
construction financing and Legacy Bank & Trust who will provide
$2.6 million in permanent financing.
Oaklake Development, LLC will develop Oak Lofts, and Cross
Architects, PLLC is the architect of record. Houston-based Nations
Construction, LLC is the builder and contractor, and local
non-profit, Texas Inter-Faith Management Corporation, will be the
property manager. Additionally, Portfolio Resident Services, Inc.,
a local non-profit social services provider for the Inter-Faith
Group, will accommodate senior residents with a variety of
education, nutrition, and recreation activities that enrich quality
of life at the community. Houston Methodist Sugar Land Hospital is
conveniently located within five miles to meet all healthcare
needs.
References
- National Low Income Housing Coalition. (2023). The Gap: A
Shortage of Affordable Homes.
- Joint Center for Housing Studies of Harvard University. (2023).
Housing America’s Older Adults 2023.
Environmental Social and Corporate Governance (“ESG”)
Investing
Hunt Capital Partners recognizes that its institutional
investors are seeking to increase the social value of their
investments to help further their ESG initiatives. An investment in
affordable housing not only improves the living conditions of its
residents, but it also helps to remove obstacles that stand in the
way of creating a healthy, safe and stable home environment for
low-income families and seniors. When families spend less on
housing related expenses, they have more resources available for
other essentials such as food and clothing, or even extracurricular
activities and educational programs. One of the most significant
benefits to providing quality affordable housing is an increase in
an individual’s physical and mental health. Hunt Capital Partners’
affordable housing investments create a lasting effect on the
people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication
division of Hunt Companies, Inc. (Hunt). HCP specializes in the
sponsorship of Federal and State Low-Income Housing, Historic, and
Solar Tax Credit Investments funds. Since its inception in 2010,
HCP has raised over $3.3 billion in tax credit equity in over 48
proprietary and multi-investor funds. HCP manages almost 760
project partnerships representing over 75,000 homes in 48 states
and territories. Founded in 1947, Hunt is a privately held company
that invests in businesses focused in the real estate and
infrastructure markets. The activities of Hunt’s affiliates and
investors include investment management, asset management, property
management, development, construction, consulting and advisory. For
more information on HCP, please visit www.huntcapitalpartners.com,
or for Hunt, please visit www.huntcompanies.com.
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MEDIA CONTACT Carolyn Baker Senior Vice President,
Corporate Communications Hunt Companies, Inc.
carolyn.baker@huntcompanies.com