Project Impacts:
- 180 new units to market with 46 units affordable to households earning no more than 50% of the Area Median Income (AMI)
- Creates 90 new affordable housing units targeting area residents that are below 60% AMI households
Partners:
NCIF: $7.5MM- loan participation
Texas National Bank/Texas Mezzanine Fund: $2.5MM/ $2MM (sub-participants)
Lead Bank: Legacy Bank: $28MM
The Cypress Creek Apartments brings affordable housing to Temple, Texas. It features 180 new units to market with 46 units affordable to households earning no more than 50% of the Area Median Income (AMI), 44 units affordable to households earning at most 70% AMI, the remaining 90 units will be market-rate housing. Located in a suburban area the site is accessible via State Highway 317 to the west and West Adams Avenue (a major commercial throughway) to the north. Cypress Creek is directly adjacent to Lake Belton Middle School and Freedom Park. It will be within 1 mile from the nearest hospital (Baylor Scott & White), Raye-Allen Elementary School, and the local fire station. The nearest high school, Dunbar High School, is approximately 3 miles from the property. Adams Ave. and SH 317 contain several retail shops and restaurants, including a Walmart Supercenter (the nearest grocery store), a credit union, Family Dollar, and various fast-food franchises. The largest use of surrounding land is single-family housing (35%), followed by retail (20%) and multifamily housing (15%).
The Property is in the Killeen-Temple Metropolitan north of Austin and south of Waco with a total population, with 473,790 residents in 2022 (based on the most recent American Community Survey). The area has grown by 1.3% since the 2010 Census, which is slightly lower than the state-wide average of 1.4%. Claritis, LLC, a national data and research company, anticipates that the market will continue to grow by 1.1% per year over the next 5 years, which is slightly higher than the Texas projected growth rate of 1.0% per year.
This Low-Income Housing Tax Credit project creates 90 new affordable housing units targeting area residents that are below 60% AMI households. This community has become a dual bedroom community of both Austin and Waco as housing expenses have continued to increase far above average in those two Texas centers.