The $10.8-million loan carries a 7.69% interest rate for 18 years, with a 30-year amortization and 15-year yield maintenance. The 294-unit Lodge at Merrilltown is located at 14745 Merrilltown in north Austin. The current occupancy rate is 98% at the age-restricted property. Ninety units on site are market rate. The remaining 204 units in phase one are devoted to low-income seniors.
The complex is one of four Austin projects that had received tax credit in 1998 under the federal Low Income Housing Tax Credit program administered by the Texas Department of Housing and Community Affairs. Under the program, investors can receive credit against federal income tax payments. The credits allow owners to offset expenses.
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