$33.4-Mil CharterMac Funding Includes Round Rock Complex

ROUND ROCK, TX-The Texas Department of Housing and Community Affairs has designated a $9.9-million, tax-exempt bond plus a $400,000 taxable multifamily housing revenue bond for Charter Municipal Mortgage Acceptance Co. to finance a 168-unit affordable housing apartment complex in Round Rock.

Red Hills Villas, located at 1100 S. Creek Dr., is one of four properties being acquired by CharterMac through the $33.4 million tax-exempt bond package. The other properties are located in Dallas, Charlottesville, VA and Philadelphia.

Also this week, CharterMac has posted a fourth quarter dividend of $0.275 per share. CharterMac’s current quarterly dividend is $1.10 per share, representing an 8.4% yield on the $13.09 per share closing price on Dec. 15.

CharterMac invests in tax-exempt bonds, the proceeds of which are used by borrowers to finance and refinance the development and ownership of multifamily housing nationwide. The company’s portfolio is comprised of direct and indirect ownership interests in tax-exempt multifamily bonds in 18 states and the District of Columbia.