DEAL OF THE DAY: Raymond James Tax Credit Funds Partners with Capital One Bank To Provide $13.8M for Houston Affordable Apartments

Houston – Raymond James Tax Credit Funds partnered with Capital One Bank to provide $13.8 million in housing tax credit equity for the construction of a 172-unit, garden-style, apartment complex for families in downtown Houston.

The Northline Apartment Homes, which is under construction by Stonearch Development and scheduled for completion by May 2011, will have nine two-and three-story buildings. The property will contain 44 one-bedroom, 68 two-bedroom and 60 three-bedroom units set aside for qualified residents who earn less than 30, 50 and 60 percent of the area median income.

The property is located approximately 8.5 miles north of downtown Houston and will offer the tenants a community room, computer lab, garages, picnic area, fitness center, two playgrounds and a swimming pool.

In addition, the Social Services Management Consultants, Inc. will provide basic adult education, financial planning, health and nutrition classes, scholastic tutoring, computer training, counseling and notary services.

“We are excited to be involved with this development”, explains Gary Robinson, vice president, director of acquisitions for Raymond James Tax Credit Funds. “Stonearch Development has consistently produced high-quality multifamily developments, and Northline Apartment Homes continues to push that standard higher. Northline is a great addition to the Houston community, and we are proud to have been part of this project.”

“Capital One Bank is proud to be a part of Houston and a leading corporate citizen in Texas, where throughout the year we support many organizations and programs that enhance the quality of life in our local communities,” says Annella Metoyer, Houston market president for Capital One Bank.

“The Northline Apartment Homes will provide quality, low-cost housing and a stable living environment for the tenants who live there. Capital One Bank is proud to partner with organizations that share our vision for building stronger communities.”