Elizabeth Property Group (EPG) has closed on the acquisition of a portfolio of six Low Income Housing Tax Credit (LIHTC) apartment properties located in Houston, Duncanville, Beaumont, Huntsville, Bryan-College Station and Wichita Falls. The portfolio totals 1,444 units of affordable housing with the capacity to house an estimated 3,000 tenants. Funds affiliated with American South Fund Management partnered with Dallas-based EPG to purchase and renovate the portfolio.
All units will remain affordable for renters at incomes less than 60% Area Median Income through 2042 and 2043. These developments are situated in census tracts boasting an average poverty rate of 36% as well as 75% minority population on average. Renovations will include deferred maintenance such as painting and replacing flooring within units along with exterior/landscaping upgrades; no tenants will be displaced due to these renovations either!
This Texas group’s purchase of six affordable housing projects is sure to make a positive impact for many individuals throughout this region!
