State housing agency commits $5.1 million for major upgrades to Marshall rental property

(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced that it will help finance the acquisition and rehabilitation of a 46-year old affordable rental property in Marshall, preserving the housing options of area low-income families and keeping the community a healthy, vibrant one. 

TDHCA awarded a funding package that could total $5.1 million to private developers proposing significant improvements to the Pine Haven Apartments, a 64-unit complex located at 2500 Southeast End Boulevard.

The package includes a loan of up to $4 million derived from mortgage revenue bond proceeds as well as an allocation of housing tax credits, the sale of which is expected to generate an additional $1.1 million in equity financing for the development.

In exchange for this financing, the Pine Haven Apartments will set aside all 64 units for households whose annual income does not exceed 60 percent of the area median family income. For Harrison County, this equals an income of $32,760 for a family of four.

“The Department recognizes Marshall’s need for quality affordable rental housing, and today’s announcement will preserve housing choices for the city’s younger working families,” said TDHCA Executive Director Tim Irvine. “Maintaining the city’s existing housing stock also ensures the community maintains both its workforce and a vibrant, diverse population, while maximizing the state’s resources.”

In addition to a lower rent, properties funded though mortgage revenue bonds and housing tax credits also provide supportive services designed to foster self-sufficiency among young families or promote a healthy environment for older tenants.