Hunt Capital Finances Houston-Area Senior Housing
The 60-unit community obtained low-income housing tax credits.
Hunt Capital Partners, in collaboration with nonprofit Oaklake Community Housing Development Corporation, closed $13.2 million in federal Low-Income Housing Tax Credits for Oak Lofts Crossing for Seniors.
The 60-unit affordable housing development in Stafford, Texas, for persons ages 55 and older, comprises of one 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%, 50% and 60% of the Area Median Income.
Hunt Capital Partners syndicated the $10.5 million of the low-income tax credits designated for construction financing through Amegy Bank, syndicating another $2.6 million representing permanent financing through Legacy Bank & Trust.
Oak Lofts Crossing aims to help address the affordable housing deficit in the Houston region, an area where the National Low Income Housing Coalition identified an 85 percent deficit in affordable housing options for extremely low-income households.
Seniors are overrepresented among severely cost-burdened households because many live on fixed incomes and must deal with escalating rents in market-rate housing. This status was emphasized in a recent study by Harvard University that showed nearly two-thirds of such households in that classification.
Houston-area property
Stafford is about 20 miles southwest of Houston. The Oak Lofts apartment homes have open floor plans and are equipped with central air conditioning, Energy-Star rated light fixtures, Energy-Star rated appliances, low-flow water fixtures, 9-foot ceilings, granite counter tops, stainless steel appliances, faux wood plank flooring, tall upper cabinets, walk-in closets, pantries and washer and dryer connections.
Oaklake Development will develop Oak Lofts. Cross Architects is the architect of record. Houston-based Nations Construction is the builder and contractor and local nonprofit, Texas Inter-Faith Management Corporation, will be the property manager.
Oak Lofts’ common area amenities include an onsite leasing office, a multipurpose club room, a fitness center, a business center, an arts and crafts studio, covered porches and Wi-Fi hotspots.
