WACO, Texas — Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for construction of Residences at Lake Waco in Waco.
Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50, and 60 percent of the area median income.
“A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49 percent of Waco area renters pay more than 30 percent of their income toward housing,” says Dana Mayo, executive managing director with Hunt. “The construction of Residences at Lake Waco will help alleviate the cost burden for many seniors.”
The total development cost for Residences at Lake Waco is $15.2 million. Hunt Capital Partners facilitated the investment of federal LIHTC equity through its proprietary investor fund with BancorpSouth Bank, called Hunt Capital Partners Tax Credit Fund 32. BancorpSouth also provided an $8.9 million construction loan, and Regions Bank provided a $3.5 million permanent Fannie Mae multifamily fixed-rate loan commitment.
Crossroads Housing Development Corporation is the general contractor. Brownstone Architects & Planners Inc. is the project architect. Brownstone Residential LLC is the property manager.
Construction for the development began in August 2020 and is scheduled for completion in January 2022. When finished, Residences at Lake Waco will consist of two three-story, elevator-serviced, low-rise buildings, along with a single-story community building.
Upon completion, the development will offer 67 one-bedroom, one-bathroom units, and 12 two-bedroom, two-bathroom units for low-income households. There will also be five one-bedroom, one-bathroom, and six two-bedroom, two-bathroom units available at market rate to senior households. Six of the units will be set aside for the mobility impaired and an additional three units will be set aside for the hearing and/or visually impaired.