BROWNWOOD, BROWN COUNTY - The Texas Department of Housing and Community Affairs has awarded a $1.5 million loan to private developers that will construct new affordable rental property for younger working families and senior citizens. The developers will construct the 36-unit Brownwood II Apartments located at 4236 Hwy. 377 South.
The development will set aside 16 units to serve households whose annual income does not exceed 80 percent of the area median family income. For Brown County, this equals $41,850 for a family of four.
In addition to $1.5 million, HOME funds being requested, the developer has received a conditional commitment from Wells Fargo in the amount of $1,524,846 and has pledged $778,232 in cash equity.
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