NAHT and National Church Residences Close Financing for Balcones Haus
National Affordable Housing Trust (NAHT) secures $4.4 million equity investment from BBVA Compass for the preservation of senior rental homes in New Braunfels, Texas.
Columbus, OH. Wednesday, June 14, 2017. NAHT, in partnership with National Church Residences is pleased to announce the closing of $4.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the preservation of Balcones Haus. Balcones Haus is a 38-unit affordable housing community for seniors located in New Braunfels, Texas.
NAHT secured the LIHTC investment under the NHT 33 Tax Credit Fund LP with BBVA Compass as the investor. As the LIHTC syndicator, NAHT will work with National Church Residences and BBVA Compass to ensure the project meets development requirements and is completed on time. The deal closed on Friday, June 2, 2017.
Keith Burgess is BBVA Compass’ Director of Community Development Capital.
“Nearly 20 percent of Americans will be 65 and older by 2030, and we need to do what we can as a society to ensure they have safe, affordable housing choices at projects like Balcones Haus,” Burgess said. “The LIHTC is one of the best vehicles for doing that because private investors, in this case BBVA Compass, are held accountable for the project for 15 years in exchange for federal tax credits.”
Ideally situated, Balcones Haus is close to major grocery stores, retail stores, and pharmacies. In addition to connecting residents to local conveniences, the community provides an on-site resident services coordinator and offers home health services to residents through an agreement with Carter Health Care. One of the goals of offering health care services on-site to residents is to increase the overall well-being of residents.
Marcus Vivona, Director of Acquisitions for NAHT, worked with National Church Residences on the project.
“Ensuring that affordable housing is preserved for some of the most vulnerable members of our society is a top priority for NAHT and facilitates the mission of National Church Residences,” he said.
National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing and services. With over 340 communities in 28 states and Puerto Rico, National Church Residences also provides health care in Ohio and Florida, including the operation of Senior Living Communities and permanent supportive housing for the formerly homeless and disabled.
BBVA Compass is a Sunbelt-based financial institution that operates 657 branches, including 342 in Texas. It ranks among the top 25 largest U.S. commercial banks based on deposit market share, and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). The bank’s Community Development Capital group has closed more than $350 million in loans and another $400 million in equity investments in the past two years, accounting for more than 3,000 units of affordable housing being developed or preserved across the bank’s footprint.
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