Hope Housing Foundation partners with Chevron TCI to strengthen neighborhood stabilization efforts at Sea Green Apartments in Port Lavaca, Texas
Amarillo, TX, Friday, March 8, 2013–Hope Housing Foundation, an Amarillo Texas based 501(c)(3) affordable housing provider, partnered with Chevron TCI to strenghten the efforts of neighborhood stabilization currently underway in a 110 unit development, Sea Greens Apartment Homes in Port Lavaca, Texas (the Partnership).
Sea Greens Apartment Homes is a development that was built in 1996 with an allocation of LIHTC’s (Low Income Housing Tax Credits) from the Texas Department of Housing and Community Affairs (TDHCA). The previous general partner of the Partnership experienced several terminating events, and the Partnership was in need of a replacement general partner. An entity of Hope Housing Foundation was admitted into the Partnership, which Chevron TCI was the Investor Limited Partner that purchased the Tax Credits.
After some time of experiencing success as the new general partner, Hope Housing Foundation approached Chevron with the idea of purchasing their Limited Partnership interest. The opportunity created a great situation for all involved and also allowed the Partnership to acquire additional funding for much needed repairs on the property. Jim Ferguson with Ferguson Financial Services of McKinney, Texas was responsible for arranging the financing.
For additional information on this transaction, or how Hope Housing Foundation can assist with other opportunities, please contact Alvin Johnson.