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Debt Platform Meshes Well with Rural America

With the need for affordable housing continuing to grow nationwide, low-income housing tax credit/LIHTC and rural housing programs allow more properties to be developed.

Cypress Creek Cypress Creek Apartment Homes was developed, constructed and managed by Bonner Carrington.

ROYSE CITY, TX—With the need for affordable housing continuing to grow across the country, low-income housing tax credit/LIHTC and rural housing programs allow more properties to be developed. A recent $19.605 million loan for a mixed-income apartment home community does just that.

The loan for Cypress Creek Apartment Homes at Parker Boulevard is the nation’s largest Rural Housing Service Section 538 Guarantee Rural Rental Housing Program/RHS 538 GRRHP deal ever originated and closed, according to Bellwether Enterprise Real Estate Capital LLC. The RHS 538 GRRHP program was enacted in 1996 and became more widely used during 2004 and 2005, GlobeSt.com learns.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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