New apartments coming along fast

affordable rental housing Federal housing tax credits are awarded to developers of qualified projects. Developers then sell these credits to investors to raise capital (or equity) for their projects, which reduces the debt that the developer would otherwise have to borrow Because the debt is lower, a tax credit property can in turn offer lower, more affordable rents

Several issues delayed the beginning of the new 62-unit Abbngton Meadows apartment complex including a water and sewer issue, along with the icy winter and the rainy spring, however, work has finally began and the structure is coming along quickly

Abbington Meadows, like the other apartment complexes owned and operated by Rea Ventures Group will provide top rate and below market rate housing needs. 40 percent of the complex will have unrestricted market rate apartments (meaning top-end apartment living) That means the other 60 percent will be available for The Housing Choice Voucher Program Section 8

The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes,

Townhouses And Apartments

Eligibility for a housing voucher is determined by the PHA (public housing authority) based on the total annual gross income and family size and is limited to US citizens and specified categories of non-citizens who have eligible immigration status. In general, the family's income may not exceed 50 percent of the median income for the county or metropolitan area in which the family chooses to live. By law, a PHA must provide 75 percent of its voucher to applicants whose incomes do not exceed 30 percent of the area median income Median income levels are published by HUD and vary by location

The apartment complex will also be the first in Howe to have tax credit housing

The Home and Low Incoming Tax Credits (LIHTC) program, which is based on Section 42 of the Internal Revenue Code, was enacted by Congress in 1986 to provide the private market with an incentive to invest in

Sean Brady, spokesperson for Rea Ventures Group, stated last August that the facility will be fully managed by Alpha-Barnes Realty Management, which he says is the best in the industry continued on Page #9

According to Alpha-Barnes, the Texas multifamily market changed in the 2000. An owner now incurs substantial expense renovating apartments and generating traffic. For this reason a management team must be proficient in converting traffic to leases, screening residents' credit worthiness and ability to pay, and implementing ongoing resident retention programs to reduce turnover. As part of their service, Alpha-Barnes prepares a detailed marketing plan tailored to each property's location, physical condition and targeted resident profile In addition, their employees are given extensive training in marketing and closing, and Alpha-Barnes considers their performance in these areas to be a major component in their evaluation.