Construction Begins on El Paso's First Mixed-Income, Mixed-Finance Apartment Community

Construction Begins on El Paso's First Mixed-Income, Mixed-Finance Apartment Community

EL PASO, TX - The Housing Authority of the City of El Paso (HACEP), Hunt Companies, and Investment Builders, Inc. (IBI), broke ground on ‘Eastside Crossings,’ El Paso’s first mixed-income, mixed-finance apartment community.

The property will feature 188 units of conventional public housing, Low-Income Housing Tax Credit and market rate units, and will feature units built to LEED Silver energy efficiency standards. Construction of the $22 million community is slated for completion in Fall 2014.

Financed through a public-private partnership that secured a 9-percent competitive tax credit through the Texas Department of Housing and Community Affairs (TDHCA), Eastside Crossings will feature 64 public housing units, 79 affordable housing units, and 45 market rate units. The property features a number of attractive amenities for all of the residents, including a clubhouse with a fitness center, a swimming pool, BBQ grills, walking trail, covered playground, and covered parking spaces. In accordance with federal requirements, the property will also feature 10 fully-accessible units and four units for hearing and visually-impaired residents. All apartments will have Energy Star appliances, including refrigerators, dishwashers, full-size washers and dryers, and central air conditioning and heating.

“Our mission is to provide safe, decent, and affordable housing to the families of El Paso, and this innovative development is an important step in providing every man, woman and child in our community a place they can call home,” said Gerald Cichon, CEO of the Housing Authority of the City of El Paso. "This property is the wave of the future in our strategy to leverage federal and state tax dollars to provide housing to the full economic range of families in a place everyone can be proud to call home."

The name ‘Eastside Crossings’ is a reflection of its location on the City's Eastside and its location at the corner of two main thoroughfares, North Zaragona and Joe Battle. A ceremonial groundbreaking was held July 12 with notable attendance from U.S. Representative Beto O'Rourke (TX-16), City Representative Dr. Michiel Noe, City Representative Lily Limon, and County Commissioner Carlos Leon.

“A goal of this initiative is to eliminate the stigma associated with traditional affordable housing initiatives by producing public housing and affordable units that are indistinguishable from unrestricted income units, are dispersed throughout the development, and accommodate a variety of family sizes,” said Robin Vaughn, Executive Vice President of Hunt Companies, Inc. “We’re proud to partner with HACEP and IBI to help make this goal a reality and to bring this new type of development to El Paso and provide high-level, affordable housing options to the community.”

“We’re excited to not only bring an affordable housing community to El Paso, but also to display these homes at one of the City’s busiest and most notable intersections,” said Ike Monty, President and CEO of Investment Builders, Inc. “This development will be a shining example of how the right partnerships can create exceptional and cost-efficient public housing.”

Source: Hunt Companies / #Affordable #Housing

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