The Residence at Lamar, a recently completed seniors’ housing project in downtown Wichita Falls, is named one of the best affordable housing this year by the Affordable Housing Tax Credit Coalition (AHTCC).
The property won the 27th Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category.
The award recognizes the best affordable housing developments and organizations that demonstrate effective use of low-income housing tax credits, the AHTCC said in a statement. These developments, the coalition said, have the capacity to strengthen communities, improve opportunities for residents and support local economies.
This year’s awards coincide with Congress’ consideration of a budget that includes a major investment in housing infrastructure. The AHTCC said communities across the county face economic and housing insecurity issues related to the ongoing COVID-19 pandemic.
“The affordable homes developed with housing credit prove that there is an effective solution to the housing crisis that continues to impact communities and families nationwide,” said the CEO of the ‘AHTCC, Emily Cadik. “This year, we are honoring properties serving veterans, opioid addicts and low-income seniors, in addition to outstanding efforts in preserving affordable housing and new construction built to meet the needs of Canadians. surrounding communities. These are just a few examples of what Crédit Logement does every day to provide essential affordable housing.
The Residence at Lamar was developed by Overland Property Group and is an example of adaptive reuse and renovation of a historic building.
Originally built in 1929, Lamar’s residence was once a furniture store and later housed various other businesses before it went vacant.
The property now has homes for 30 seniors who earn 30 to 60 percent of the area’s median income. There are 24 one bedroom houses and six two bedroom houses.
A nine percent home loan was used to finance the renovation and construction of the property, with syndication provided by Midwest Housing Equity Group.
Following:Unspoiled past at the Lamar building in downtown Wichita Falls
The beautiful renovation is a boon to the downtown area and provides safe and affordable housing for seniors in the area.
In addition to housing, residents receive on-site health care and annual physicals, an on-site pantry, and recreational activities such as movie nights and book clubs. Their common amenities include an elevator, rental desk, salon, fitness center, beauty salon and chapel / theater hall. The development also includes 3,500 square feet of commercial space on the main level.
Since 1986, Crédit Logement has financed more than three million housing units for low-income households, including and formerly homeless individuals and families, people with disabilities, veterans of the armed forces and the elderly. Through public-private partnerships, housing credit offers a proven track record of financing safe, modern and well-designed affordable housing in the communities where it is needed most, according to the AHTCC.
“This year’s Edson Award winners demonstrate the flexibility of home loans to meet the needs of households and communities in Eagle River, Alaska; in Wichita Falls, Texas; in Milwaukee, Wisconsin, ”said Matt Josephs, chairman of the board of directors of the AHTCC and senior vice president of policy for the Local Initiatives Support Corporation. “As we continue to deal with the impact of the pandemic, it is essential that tools like housing credit be improved and strengthened, so that we can better deal with our growing national housing crisis. more urgent every day. “
For more information on the Edson Awards 2021, please visit taxcreditcoalition.org/edson-awards/.
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