North Richland Hills will be the site for a new home ownership option. The Village Cooperative of Century Hills will be the first age-restricted cooperative under the Section 213 program in Texas. Residents have to be 62 and over.
Section 213 insures mortgage loans to facilitate the construction, substantial rehabilitation, and purchase of cooperative housing projects. Each member shares in the ownership of the whole project with the exclusive right to occupy a specific unit and to participate in project operations through the purchase of stock.
Despite residents owning their unit, they don’t have to worry about maintenance, repairs or repair bills. The project will have 61-units, which range in size from 889 to 1,770 square feet. They will be situated in a three story, secure building with underground parking.
Colliers Mortgage closed the $17.7 million HUD 213 loan for the new construction financing. The loan carries a 40-year term/amortization.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.