Hunt Capital Partners has closed $10.61 million in low-income housing tax credit (LIHTC) equity financing for the 118-unit Villas at Sandstone, developed by Investment Builders, in El Paso, Texas.
Construction is underway for the $16.29 million community, which will be comprised of 10 garden-style residential buildings on seven acres. Hunt Capital Partners facilitated the investment of LIHTC equity by Citi Community Capital through its proprietary investor fund, Hunt Capital Partners Tax Credit Fund 19. Citi also is providing a $12 million construction loan and a $4.85 million permanent loan. The Texas Department of Housing and Community Affairs allocated the tax credits.
Villas at Sandstone will provide much-needed housing for families in El Paso, which reported a poverty rate of 21% in 2017, according to the U.S. Census Bureau.
“El Paso is an important community for Hunt Capital Partners given our partnership with Hunt Cos., and we are committed to bringing more affordable housing to the city,” said Dana Mayo, executive managing director of Hunt Capital Partners. “We also want to thank Citi for partnering with us and investing at Villas at Sandstone.”
Hunt, a family of companies in the real estate and infrastructure markets, is based in El Paso.
The development will include six one-bedroom, 52 two-bedroom, 56 three-bedroom, and four four-bedroom units for families who earn up to 30%, 50%, and 60% of the area median income. In addition, six of the units will be set aside for households with special needs, six units targeted toward the mobility impaired, and two units reserved for the hearing or visually impaired.
The development, which will be completed in January 2020, also will provide more than housing. Amenities include a clubhouse with an exercise facility, a community playground, and a swimming pool. Supportive services, such as GED preparation, health and nutrition classes, English as a second language courses, and homebuyer education, will be offered for residents.
Additional partners include general contractor AHP Contractors, architect Wright & Dalbin Architects, and property manager LEDIC Realty Co.