Federal tax credits awarded for five low-income El Paso apartments
EL PASO – The Texas Department of Housing and Community Affairs has awarded $53.4 million in federal tax credits for the construction and renovation of five low-income apartment complexes across El Paso County.
The El Paso Housing Authority will use $15 million to start construction next summer on the $21 million, 120-unit Patriot Place apartments at Diana Dr. and Kenworth St. Opening is set for the end of 2021.
Meanwhile, $14.4 million in federal tax credits will help finance renovations to the 98-unit DeWetter Apartments at 560 Lisbon Ave. and the 78-unit Kathy White Apartments at 2500 Mobile Ave.
Renovations have already begun and will be complete by February 2021.
Investment Builders Inc. will use $15 million to help finance the $18.3 million, 104-unit Ridgestone Estates complex at 11050 Montana Ave. Construction will begin by the end of 2019 and wrap up by fall 2021.
Tropicana Building Corp. will use $9 million to help finance the $12 million, 80-unit Anthony Palms low-income apartment complex on the 100 block of Sandia Dr. in Anthony. Work will start next summer, and opening is set for early 2021.
The Real Estate Center has more multifamily and El Paso news online:
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