The Primrose of Shadow Creek Apartment Complex is near the intersection of Texas 290 and Interstate 35. It's expected to be ready for tenants by the end of 2002.
The AHFC financed the project by selling low-income housing tax credits to an investor. The finance corporation spent $1 million to acquire the land and intends to recover the money over 40 years with annual payments of $60,000. At the end of 15 years, when the tax benefits are exhausted, the AHFC will have the right to acquire the property for the outstanding debt.
The project is the first in Austin for Southwest Housing, which has six senior living complexes in the Dallas area. Its Southwest Housing Management unit will coordinate the activities of nonprofit service providers for transportation, health care, limited meal service and others.
"We are very excited about the opportunity to break into this market," Brian Potashnik, president of Southwest Housing, said in a prepared statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
