Raymond James Tax Credit Funds announced it has recently partnered with the BOKF Community Development Fund, a Bank of Oklahoma subsidiary focused on economic development and affordable housing, to provide $6.9 million in low-income housing tax credit (LIHTC) equity to two developments in McAlester, Okla.
"Affordable housing fulfills a vital need for families in the communities we serve," said Paula Bryant-Ellis, president of BOKF Community Development Fund. "This is a great partnership for us with Raymond James Tax Credit Funds, and we look forward to working with them on future projects."
Westridge Village and Westside Apartments are both under construction and scheduled to be completed in April 2011. Westridge Village will have 52 one, two-, and three-bedroom units for residents earning no more than 50 percent of the area median income (AMI). Westside Apartments will have 40 two- and three-bedroom apartments for households earning no more than 50 percent and 60 percent of the AMI.
Zimmerman Properties and its related parties are the developers. Since 1998, Zimmerman has been active in developing LIHTC properties in Missouri, Oklahoma, Texas, Illinois, Arkansas, Nebraska, and Tennessee.