modern, and energy efficient to Enterprise Green Building standards. A four-story elevator serves the design and maximizes quality of living and accessibility for everyone.


The robust landscaping and tree lighting make the property open and walkable with a wonderful resort style pool. The site, in total, is approximately 3 acres.


The next phase of the development plan will be at least 80% market rate. Phase one and two combined, ultimately make the en- tire development mixed-income. The mix is now flipped so that 70% of the units total are market rate and 30% is affordable at or below 60% of AMFI rent and income.


Phase one was financed with 9% housing tax credits from TDHCA, a conduit loan from the Garland HFC for $1.8MM, permit and impact fee waivers from the City of Garland for $350,000 and a multifamily direct loan from TDHCA to complete the capital stack. The permanent financing under way is a FNMA Affordable Green 15-year loan with a 35-year amortization currently priced at 4.35%. Development costs for the 126 units is $25MM.


Phase two benefits from no land cost and the property ultimately is a wrap parking approach serving both Phases when Phase II is completed. The HFC benefits from sharing of developer fee, cash flow, resale or refinancing of each phase. The HFC will then reinvest these funds in more mixed-income properties. Rinse and repeat...


Thanks to the Garland HFC Board, including Chairman Chris Luna and Executive Director, John David Jacobs. We appreciate our development partners, IBC Bank, 42 Equity Partners and RISE Residential Group-Melissa Fisher. Special thanks to the project advi- sors, Hilltop Securities, Petruska & Associates and Sonoma Housing Advisors.


City Square is open for business!


Spring 2019


TALHFA


Page 7


Talk


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