The Housing Authority of the City of El Paso, TX (HACEP) won two nine-percent housing tax credit awards this afternoon, valued at a total of $30 Million, that will go towards financing the development for two of three potential future sites as part of its ongoing Rental Assistance Demonstration (RAD) revitalization effort in El Paso.
“As an agency we are here to advocate on behalf of families who need this help the most, so we pursue each funding source as if it is our last opportunity,” expresses HACEP CEO Gerald Cichon. “This victory we had in Austin today exemplifies our relentless effort to continue building better opportunities for the 40,000 families we serve right now and the thousands more to come.”
HACEP beat approximately 380 other eligible applications filed in the ‘At-Risk Set-Aside’ category. The Texas Department of Housing and Community Affairs (TDHCA), who administers the state’s housing tax credit program, officially approved HACEP’s applications, an award that accounts for nearly half of the available amount in this year’s round of At-Risk Housing Tax Credits.
The announcement was made Thursday afternoon at the TDHCA monthly board meeting in Austin, TX.
This is the fourth year HACEP has won nine-percent tax credit awards to help finance its development initiatives. Through this statewide financing vehicle, HACEP has brought $126 Million in total investment to El Paso over the last four years spread across eight affordable housing developments.
“This $30 Million award is a victory for the entire city of El Paso as it moves us forward in nurturing and promoting healthy, sustainable communities for our growing region,” shared Mayor Dee Margo after learning about TDHCA’s announcement.
To-date, HACEP has officially completed the redevelopment of 13 communities – or 1,590 residential units – and the complete reconstruction of two multi-family developments (294 units combined) spread across the city of El Paso. HACEP currently has eight affordable housing communities undergoing rehabilitation, two of which are complete reconstruction developments – North Sherman Community in south-central El Paso and the Thomas Westfall Community in east El Paso.
Now, with these tax credit awards, HACEP will be able to pursue two different development initiatives that will inevitably increase the number of affordable housing communities to better serve El Paso’s most vulnerable populations. The sites for these two developments have yet to be determined.
HACEP’s RAD program – an initiative to rehabilitate and in some cases reconstruct 6,102 affordable housing residential units across 42 communities in El Paso – will continue through 2020, and has earned the title of the first, largest overall RAD conversion in the United States.