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$7.3M affordable housing underway in Starr County$7.3M affordable housing underway in Starr Countyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=25142014-11-11T13:24:00Z2014-11-11T00:00:00Z

RIO GRANDE CITY, STARR COUNTY - A new $7.3 million 60-unit affordable housing complex has broken ground on a ten-acre lot located near the intersection of FM 3167 and a new Stripes store.

One-, two- and three-bedroom apartments will be offered, with rent ranging from $200 to $700 per month with yearlong leases.

Fifty of the units are set aside for residents in Starr County whose annual income is $31,440 or less for a four-person household, while ten spots will be market rate.

Developers for the project said the future road will be called Butterfly Garden Dr. with foliage to promote native habitat for the insect in addition to barbecue grills, playground and community building.

Funding for the project included $4.7 million in federal and state tax credits, a $1 million loan from the Texas Department of Housing and Community Affairs, through the Multifamily Investment Partnership program and private financing.

Starr County offered tax abatement for ten years valued at $105,000 in 2013 and Rio Grande City waived construction permits and fees.

The Monitor
McAllen-Edinburg-Mission
Multifamily
http://www.themonitor.com/news/local/affordable-housing-project-begins-construction-in-starr-county/article_a7d07bd4-6627-11e4-be40-0017a43b2370.htmlRead more at {Source}

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