National Church Residences has completed a $3.7 million renovation at Balcones Haus, a 39 unit affordable senior housing community in New Braunfels, TX. A grand reopening celebration was held at the community located at 246 Loma Vista on June 20.
Balcones Haus is the first major renovation project completed by National Church Residences in Texas since the state law was changed to give projects with HUD direct debt, such as HUD 202s, a better chance to compete in the preservation set-aside for Low Income Housing Tax Credits.
The renovations substantially improved the property, including a new parking lot, roof, entrance canopy and updated windows. A modernized elevator was installed and the community kitchen was overhauled. Each unit received new heating and air conditioning units, LED lighting fixtures and energy-efficient appliances, as well as new cabinets and countertops in the kitchens and bathrooms. The handicapped accessible units also received upgrades. In addition, these projects were completed with the residents still living in the building.
National Church Residences built Balcones Haus in 1988. All of these senior apartments have a Section 8 Housing Assistance Payment contract, making them affordable to very low income renters.
Prior to 2016, Balcones Haus would have had difficulty obtaining the LIHTC funding it needed to complete this renovation because of its ongoing Housing Assistance Payment contract. A technicality in Texas law made it more challenging for senior housing projects with rental assistance contracts to be competitive for LIHTC funding, which is one of the few ways to obtain renovation dollars for affordable housing communities.
National Church Residences worked with LeadingAge Texas to lobby the state legislature for changes in the law that would give HUD Direct debt projects, such as the HUD 202, a level playing field to compete for LIHTC funding against other types of housing projects.
The law was changed in September 2015 and the next year Balcones Haus won a Tax Credit award required for this important renovation.
After receiving the tax credits, National Church Residences worked with the National Affordable Housing Trust to convert the tax credits into funding for the project. The organization refinanced the HUD Direct 202 loan with a conventional mortgage from BBVA Compass.
National Church Residences has a strong presence in Texas, operating 26 senior communities across the state.
National Church Residences would like to recognize and thank our other partners that made this project possible, Texas State Senator Donna Campbell, City of New Braunfels Mayor Barron Casteel, the Ft. Worth Asset Management Division of HUD, and the Texas Division of Housing and Community Affairs.
About National Church Residences
National Church Residences serves more than 42,000 seniors through its array of housing and health care services. The not-for-profit organization is driven by a vision of advancing better living for all seniors, enabling them to remain home for life.
With 310 communities in 25 states and Puerto Rico, it is the nation’s largest not-for-profit provider of affordable senior housing and the largest manager of service coordinators. It also offers residential senior communities, home and community-based services, and permanent supportive housing for the formerly homeless and disabled. For more information, visit www.nationalchurchresidences.org.