Located in the rural community of Kingfisher, Okla., Autumn Trace Apartments is the only affordable housing property specifically designated for seniors in the area.
Under a new deal, the property will be renovated and remain affordable for years to come.
Hunt Capital Partners, in partnership with Volunteers of America National Services (VOA), announced the financial closing of $1.75 million in low-income housing tax credit (LIHTC) equity for the acquisition and rehabilitation of Autumn Trace. The project will update the community’s four residential buildings that were originally built in 1990. When completed, Autumn Trace will provide 31 renovated units for seniors.
“Raising capital for smaller developments in rural and tertiary markets can be a challenge,” says Dana Mayo, executive managing director at Hunt Capital Partners. “However, we have an exceptional team who was able to get the job done. The result is the preservation of quality, affordable housing for seniors in an underserved community.”
Rehabilitation of the development is scheduled to be completed in August. When finished, Autumn Trace will offer seven efficiency units and 24 one-bedroom units set aside for seniors 62 and older earning up to 50% and 60% of the area median income.
All homes will be fitted with new appliances as well as central heating and air conditioning. New community amenities include an expanded community room, a community garden, a shuffleboard court, a fitness room, outdoor exercise areas, storm shelters, picnic/grill areas, and dedicated space for supportive services.
The total development cost is $3.57 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through a multi-investor fund, Hunt Capital Partners Tax Credit Fund 24.
VOA is one of the largest owners and operators of affordable housing with nearly 500 properties in 40 states and Puerto Rico that contain more than 20,000 affordable housing units.
At Autumn Trace, a VOA affiliate will also serve as the property manager. Bullard Construction of Sacramento, Calif., is the general contractor. Elliott Architects of Oklahoma City, Okla., is the architect.
Hunt Capital Partners, a division of Hunt Cos., specializes in the syndication of federal and state low-income housing, historic, and solar tax credits. Since 2011, it has raised over $1.4 billion in tax credit equity.