LIHTC Fund Proceeds to Convert Brownsville Hotel Units to Apartments
Hunt Capital Partners is using a portion of a $163.5 million national low-income housing tax credit fund to finance the conversion of the El Jardin Hotel in Brownsville into 44 affordable apartments. In partnership with the Brownsville Housing Opportunity Corporation, Hunt announced the closing of $13.6 million in LIHTC’s. Bank OZK provided the $18.7 million construction loan.
The El Jardin Apartments is the acquisition and historic adaptive reuse of the famed eight-story hotel, initially constructed in 1927. The project will provide quality affordable housing for low-income families in the Rio Grande Valley and create affordable homes for families earning up to 30, 50 and 60 percent of AMI.
Rents for units in the fund are on average 37% below comparable market-rate units, with some developments offering as much as an 81% rent advantage to market.
Connect Texas Multifamily 2023 will take place on Aug. 22, 2023 at Virgin Hotel in Dallas. Click here for more information and to register.
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