POSTED: Tuesday, March 26, 2013 - 9:35am
UPDATED: Tuesday, March 26, 2013 - 2:05pm
BROWNSVILLE, TEXAS (KVEO NEWSCENTER 23) — The Brownsville Housing Authority will be hosting a dedication ceremony for the new Citrus Gardens Apartments which has been built.
The Citrus Gardens housing apartments were fist built over fifty years ago and were in need of updating.
The newly constructed complex will have 148 units in 33 residential townhome style buildings and a community section to house leasing offices and resident activities.
The units are set for affordability at various income ranges with the Housing Authority providing rental assistance for 74 units.
The funding for the building of the new apartments came from a 2010 award of Housing Tax Credits from the Texas Department of Housing and Community Affairs.
The tax credits were then sold to Hudson Housing Capital which raised over $14 million in equity with JPMorgan Chase Bank providing a mortgage loan of $3.7 million and Brownsville Housing Opportunity providing a second mortgage of $400,000 to complete funding.