STAFFORD, Texas — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable seniors housing community in the Houston suburb of Stafford.
Oaklake Community Housing Development Corp. (OCHDC) is the borrower.
Comprised of a four-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 percent, 50 percent and 60 percent of the area median income (AMI).
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 percent deficit in affordable housing options for extremely low-income households. The seniors 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.
Hunt Capital Partners syndicated the LIHTCs through one of its multi-investor funds. Lenders include Amegy Bank, which will provide $10.5 million in construction financing, and Legacy Bank & Trust, which will provide $2.6 million in permanent financing.Cross Architects is the architect of record. Houston-based Nations Construction is the builder and contractor, and local nonprofit Texas Inter-Faith Management Corp. will be the property manager. Additionally, Portfolio Resident Services Inc., a local nonprofit social services provider for the Inter-Faith Group, will accommodate senior residents with a variety of education, nutrition and recreation activities.