The East Texas Housing Finance Corporation announced approval for a $13.5 million multi-family housing renovation in Tyler.
The transaction closed on April 5 and the project is expected to begin soon, board chairman Danny Buck Davidson said in a press release.
The transaction was presented to the board by a developer of the Liberty Arms Apartment project in Tyler, which is designed to help low- and moderate-income families obtain safe and healthy housing in accordance with Texas law governing the regional housing finance. society.
“The company has served to facilitate this public-private partnership, which will promote affordable housing in Tyler and Smith County, and similar projects may become possible throughout East Texas as the developer sees the opportunities that arise. ‘offer to him,” Davidson said.
Smith County Judge Nathaniel Moran, who serves on the company’s executive committee, expressed his gratitude for the assistance of Danny Buck Davidson and the company.
The East Texas Housing Corporation serves an area of 17 counties in East Texas. Former Harrison County Judge and State Senator Richard Anderson explained that the company was founded in 1981 and serves residents of Anderson, Angelina, Cherokee, Gregg, Harrison, Henderson, Marion, Nacogdoches, Panola, Rains , Rusk, Smith, Tyler, Upshur, Van Zandt and Wood Counties.
Since 1981, the company has provided hundreds of mortgages to first-time home buyers and has been involved in several multi-family housing projects in Smith County. These bond programs provide lower cost financing to financial institutions for owners and also for developer projects, which must be submitted and approved by the Texas Bond Review Board in Austin. Bonds are not an obligation, moral or legal, of the State of Texas or any county or city thereof, and are paid exclusively by apartment owners or developers.
“The company can be approached by developers wanting help with new construction or renovation projects, and they typically focus on major metropolitan areas,” Anderson said. “With interest rates raised by the Federal Reserve, it seems more likely that we will see some of these programs popping up in the less populated areas of the 17-county area, but again, these projects are usually driven by the developer, who organizes the financing of the projects and leads the construction of the project.”
The company has a similar project proposed at Longview.
“The Society is grateful for the continued service of Danny Buck Davidson as Chairman, as well as the services of the Executive Committee of the Board of Directors, Ms. Anne Yappen, Richard Manley, Justice Nathaniel Moran, Andy Vinson, as well as members of the council, including Judge Robert Johnston, Earl Commissioner Kenneth Dickson, Robert Warren, Pat Penn, Bart Townsend, County Commission Steve Lindley, Mike Lewis, Clay Allen, Steve Moore, Ryan Cawthon, County Commission John Ross Ashley, Corey Bankhead, Patsy Marshall, Justice Robert Sisk Joel Hale, Brenda Johnson, CD Woodrome, Gary Smith, County Commission Virgil Holland Jr. and Debra Holland,” Anderson said.