Plaza De Magnolia

This 84-unit complex affordable housing project was built using LIHTC to lower-income families whose income does not exceed 60% of median income for Houston SMA. The AAMA-CDC was the developer of this project in 1995 and began occupancy in 1996. The deal was structured with the CDC as Managing Partner and the National Equity Fund and other -credits holders are the limited partners. This project is almost seven (7) years old and its condition and "curb appeal" is as excellent today as when it was built.
This property is managed by Whitney Management, with equity financing of tax credits by the National Equity Fund, permanent financing through Washington Mutual and some gap financing by the City of Houston.