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HOUSTON-Picerne Development Corp. has received a green light to begin construction on Emerald Bay Apartments, a 248-unit affordable housing project planned for northeast Houston.

Altamonte Springs, FL-based Picerne is getting debt and equity financing from New York City-based Related Capital Co., an affordable housing tax credit syndicator and affiliate, Charter Municipal Mortgage Acceptance Co.

Marnie Miller, Related Capital’s vice president, tells GlobeSt.com that the property will cost about $18.7 million to develop. Related Capital provided $6.5 million in equity for tax credits generated by redevelopment. CharterMac, a publicly traded company managed by Related Capital, kicked in $11.9 million in exchange for revenue bonds.

Miller says construction will begin within the month. Completion is scheduled for January 2004. The complex will be positioned on the northwest corner of Bennington Street, east of Homestead Road. It will consist of 11, three-story, garden-style buildings.

A two-bedroom unit totals 923 sf, while the three- and four-bedroom designs, which constitute the majority of units, will range from 1,154 sf to 1,234 sf. A two-bedroom unit will rent for $600 per month, with larger units going for up to $758 monthly. The complex is dedicated to residents earning 60% or less of the median income which, Miller says, is $59,600 annually.

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