South Texas Collaborative for Housing Development, Inc., a Texas nonprofit corporation of La Feria, Texas and Delphi Affordable Housing Group, Inc. of Austin, Texas are pleased to announce the closing of Sunrise Terrace, a new single family development, through a joint venture.
Sunrise Terrace will consist of 70 single family rental homes and serve low to very low working families in Cameron County, Texas. The development will set aside homes for families earning 30%, 50% and 60% of the area median income. The 70 residential buildings will have two, three and four bedroom homes. Additionally, there will be a community center with a sport court and two age appropriate playgrounds.
The property will utilize approximately $9,275,500 in low income tax credits. The allocation of tax credits is made feasible by the federal Low Income Tax Credit Program (LIHTC), administered in Texas by the Texas Department of Housing and Community Affairs. The LIHTC was created by the Federal Tax Reform Act of 1986 and provides the state of Texas with funding towards the development of affordable housing. Additionally, the Texas Department of Housing and Community Affairs is providing a HOME loan in the amount of $1,444,000.
PNC MultiFamily Capital is providing $8,294,084 in LIHTC equity. The U.S. Housing and Urban Development (HUD) provided the credit enhancement for the FHA financing of over $1,175,000 for the construction and permanent loans which are provided by.
South Texas Collaborative for Housing Development, Inc. (STCHD) was founded in 2009 to assist in providing decent, affordable single-family or multi-family housing to low-income and moderate income individuals, including loans and investment products, development services, and other related activities to promote economic and community development in Texas communities located in Cameron, Hidalgo, Starr, and Willacy Counties, with a focus on low-income and underserved areas. Some recent projects include: The Sunflower Estates Apartments in La Feria, Texas, a new 80 unit LIHTC multi-family project Construction for the project was completed in the spring of 2013 and Sunquest Apartments, a new 128 unit LIHTC multi-family development to be located in Primera, Texas schedule to begin construction in May 2014.
Delphi Affordable Housing Group, Inc., is a real estate development and consulting company specializing in the financial structuring, due diligence, development, financing and syndication of multifamily affordable housing. Over the past 15 years, the company has acquired and rehabilitated more than twenty multifamily properties and has a current portfolio of over 3,100 units in four states.
Other development team members include: Kutak Rock Law Firm; Levy, Levy & Levy Law Firm; Megamorphosis Architecture & Interior Design; Concept Builders; S Williams HCDC; Law Office of Richard S. Talbert; Coats Rose Law Firm; Urban Collaborative, LLC