Boston Capital is investing in the development of StoneLeaf at Fairfield, a 49-unit community for families in Fairfield, Texas, and StoneLeaf at Eustace, a 49-unit community for families in Eustace, Texas.
The developments are being financed with low-income housing tax credit equity. Both properties will serve families and individuals earning no more than 60 percent of the area median income.
The developer is StoneLeaf Development in Mabank, Texas.
"Boston Capital is pleased to once again team up with our friend and partner Mike Sugrue and StoneLeaf Development in the construction of these two affordable apartment communities in Texas," says Jack Manning, president and CEO of Boston Capital. "Well-designed units, attractive amenities, and great locations close to community services, retail, and schools will contribute to the desirability of both communities by individuals and families in the area."
Both communities will feature 13 one-bedroom, 24 two-bedroom and 12-three bedroom units in six, single-story buildings. Units in both developments will feature covered parking, nine-foot ceilings, Energy Star appliances, and washer and dryer hookups. The properties will include a fully equipped community room offering a kitchen, bathroom, fitness center, business center, common laundry, and mailroom.
The construction of these developments will generate nearly $10.4 million in local salaries and create nearly 110 new jobs in the Eustace and Fairfield areas. To date, Boston Capital has invested in approximately 21,630 units of affordable housing in Texas.