Hunt Capital Partners, in collaboration with nonprofit Oaklake Community Housing Development Corporation (OCHDC), announced the closing of $13.2 million in federal Low-Income Housing Tax Credits (LIHTCs) for Oak Lofts Crossing for Seniors (Oak Lofts), a 60-unit affordable housing development in Stafford, Texas. Comprised of one 4-story, elevator-serviced mid-rise building, the development will offer a mix of one- and two-bedroom affordable homes for those who earn up to 30%, 50%, and 60% of the Area Median Income (AMI). Oak Lofts will serve the senior community, aged 55 years or older.

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Rendering of Oak Lofts Crossing affordable housing development for seniors in Stafford, Texas. (Photo: Business Wire)

Oak Lofts Crossing provides a much-needed solution to help address the affordable housing deficit in the Houston metro region, an area where the National Low Income Housing Coalition identified an 85% deficit in affordable housing options for extremely low-income households.¹ The senior housing landscape is further complicated, with a recent study from Harvard University revealing that nearly two-thirds of senior renter households are classified as severely cost-burdened.²

“Seniors are over-represented among severely cost-burdened households due to many living on fixed incomes and having to deal with escalating rents in market-rate housing,” said Hunt Capital Partners Acquisitions Senior Director Omar Chaudhry. “Hunt Capital Partners is pleased to collaborate with OCHDC to advance the availability of affordable housing for senior Texans, helping ensure that this vulnerable group is able to live in a quality, amenity-rich home with comfort and peace of mind."

The apartment homes with open floor plans will be fully equipped with central air conditioning, Energy-Star rated light fixtures, Energy-Star rated appliances, low flow water fixtures, 9ft ceilings, granite counter tops, stainless steel appliances, faux wood plank flooring, tall upper cabinets, walk-in closets, pantries, and washer & dryer connections. Oak Lofts will offer common area amenities which include an onsite leasing office, a multipurpose club room, a fitness center, a business center, an arts & crafts studio, covered porches and Wi-Fi hotspots.

“As a non-profit owner and developer, we aim to enrich the lives of everyone in our communities, and the City of Stafford is the most ideal place for offering hope and new attainable housing choices to seniors,” said OCHDC Executive Director JOT Couch. “We are excited to bring Oak Lofts Crossing for Seniors to Fort Bend County and continue our non-profit mission with the help of our dedicated partners.”

To help make the development a reality, Hunt Capital Partners syndicated the LIHTCs through one of its multi-investor funds. Lenders include Amegy Bank who will provide $10.5 million in construction financing and Legacy Bank & Trust who will provide $2.6 million in permanent financing.

Oaklake Development, LLC will develop Oak Lofts, and Cross Architects, PLLC is the architect of record. Houston-based Nations Construction, LLC is the builder and contractor, and local non-profit, Texas Inter-Faith Management Corporation, will be the property manager. Additionally, Portfolio Resident Services, Inc., a local non-profit social services provider for the Inter-Faith Group, will accommodate senior residents with a variety of education, nutrition, and recreation activities that enrich quality of life at the community. Houston Methodist Sugar Land Hospital is conveniently located within five miles to meet all healthcare needs.

References

1. National Low Income Housing Coalition. (2023). The Gap: A Shortage of Affordable Homes.
2. Joint Center for Housing Studies of Harvard University. (2023). Housing America’s Older Adults 2023.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.

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