Lafitte feat: former Galveston hotel resident-readyLafitte feat: former Galveston hotel resident-readyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=59772013-10-22T07:48:00Z2013-10-21T00:00:00Z

GALVESTON - The 86-year-old, ten-story Jean Lafitte Hotel at 2101 Church St. in the Strand Historic District has been renovated into 83 multifamily units and is nearly ready for occupancy. Rents for market rate units range from $700 to $1,000. The bottom floor will include retail space.

Of the 83 units, 43 units set aside for affordable housing will be capped at $714 for a one-bedroom and $866 for a two-bedroom unit.

Financing for the nearly $10 million renovation included $3 million from the sale of historic tax credits from a federal preservation program, $5 million from a Community Development Block Grant, a $2.8 million Federal Housing Administration-backed loan; and equity from the property’s owner, Port Arthur-based ITEX Group.

As a condition of the financing, ITEX agreed to lease 43 of the 83 units to persons earning 80 percent of the area's median income. ITEX purchased the property in 2009.

Galveston Daily News
Houston-The Woodlands-Sugar Land
http://www.galvestondailynews.com/business/buzz/article_0fcedaae-36eb-11e3-8bf1-0019bb30f31a.htmlRead more at {Source}

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