The East Texas Housing Finance Corporation has announced the approval of a $13.5 million multi-family housing renovation in Tyler.
The transaction closed on April 5, and the project is expected to commence soon, Board President Danny Buck Davidson said in a press release.
The transaction had been brought to the Board by a developer for the Liberty Arms Apartment project located in Tyler, which is designed to assist low-and-moderate-income families obtain safe and sanitary housing according to the Texas statute which governs the regional housing finance corporation.
“The corporation has served to facilitate this public-private partnership, which will promote affordable housing in Tyler and Smith County, and similar projects may become possible throughout East Texas as the developer see the possibilities that are available,” Davidson said.
Smith County Judge Nathaniel Moran, who serves on the corporation’s executive committee, expressed his appreciation for Danny Buck Davidson’s and the corporation’s assistance.
The East Texas Housing Corporation serves a 17-county area of East Texas. Former Harrison County Judge and State Sen. Richard Anderson explained that the corporation was founded in 1981, and serves the residents of Anderson, Angelina, Cherokee, Gregg, Harrison, Henderson, Marion, Nacogdoches, Panola, Rains, Rusk, Smith, Tyler, Upshur, Van Zandt, and Wood counties.
Since 1981, the corporation has provided hundreds of mortgages for first -time home buyers and assisted with several multi-family housing projects in Smith County. These bond programs provide lower cost financing to financial institutions for homeowners and also for projects by developers, which must be submitted and approved by the Texas Bond Review Board in Austin. The bonds do not constitute an obligation, either moral or legal, of the State of Texas or any county or city therein, and are paid exclusively by the homeowners or apartment developers.
“The corporation may be approached by developers wishing to obtain assistance with new construction or renovation projects, and they typically focus upon the larger metro areas,” Anderson said. “With interest rates being increased by the Federal Reserve, it appears more likely that we will see some of these programs arise in the less populated areas of the 17-county region, but again, these projects are typically driven by the developer, who arranges the financing for the projects and conducts the construction of the project.”
The corporation has a similar project being proposed in Longview.
“The corporation is grateful for the continued service of Danny Buck Davidson as president, as well as the services of the Board of Directors Executive Committee, Ms. Anne Yappen, Richard Manley, Judge Nathaniel Moran, Andy Vinson, as well as the members of the board, including Judge Robert Johnston, Count Commissioner Kenneth Dickson, Robert Warren, Pat Penn, Bart Townsend, County Commission Steve Lindley, Mike Lewis, Clay Allen, Steve Moore, Ryan Cawthon, County Commission John Ross Ashley, Corey Bankhead, Patsy Marshall, Robert Sisk Judge Joel Hale, Brenda Johnson, C. D. Woodrome, Gary Smith, County Commission Virgil Holland Jr. and Debra Holland,” said Anderson.