FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Saigebrook Development, has provided $12.9 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Everly Plaza.
Located in Fort Worth, the mixed-use development will provide 88 units comprised of nine market rate units and 79 affordable housing units. All units will be restricted to seniors who are 62 years and older, and the affordable units will be income restricted to households who earn up to 30, 50, and 60 percent of the area median income.
The development will feature 3,400 square feet of community space that will contain an artist gallery space, which will be open to the public for showings, and a media room, which can be rented to members of the public for certain events.
According to the Texas Affiliation of Affordable Housing Providers, 48 percent of all Texans are cost burdened. The same study found that seniors are frequently among those Texans spending more than 30 percent of their household income on housing and utility costs, making affordable housing crucial for this group.
Scheduled for completion in August 2021, Everly Plaza will consist of a four-story, elevator-serviced, mid-rise building. Eight units will be reserved as permanent supportive housing for the chronically homeless. The Tarrant County Homeless Coalition will provide tenant-based vouchers as well as case management or supportive services for these eight units. An additional five units will have a leasing priority for persons with special needs.
The total development cost for Everly Plaza is $19.1 million. Hunt Capital Partners facilitated its investment in the federal tax credits through its proprietary fund, Hunt Capital Partners Tax Credit Fund 26. Mason Joseph Company provided a $4.6 million construction-to-permanent loan through the U.S. Housing and Urban Development 221(d)(4) program. The City of Fort Worth also provided a $1 million construction-to-permanent HOME loan.
Saigebrook Development is the project developer, and EP Residential Construction is the general contractor. Maker Bros. Inc. is the prime subcontractor. DOMUS Studio Group Inc. is the architect. Accolade Property Management Inc. will serve as the management agent.