The Hope Housing Foundation Story
It is with great pleasure that Hope Housing Foundation (HOPE) have an opportunity to provide a summary of HOPE’s experience. HOPE has a mission of providing safe, decent, sanitary, and affordable housing to the communities we serve.
We would hope that this summary helps to expresses the ability of HOPE to complete transactions, along with the passion and desire we have to serve the community. HOPE has acquired its developments through the traditional method of closing through a Title Company and have worked with other Developers, Federal Bankruptcy Trustees, and Syndicators (Chevron, the Enterprise Community Foundation and Medlock Southwest) by becoming a replacement General Partner and or Limited Partner on deals where there was not an official “Closing”. These transactions had extensive ties to HUD, TDHCA, and the Lousiana Housing Corporation, where approvals of transfer were mandatory before the agreements could be acted upon. Hope was successful in each of these endeavors.
Hope has a long history in the Affordable Housing arena, but the last six years have been a new season for us. We have reconstituted our Board of Directors, developed some very beneficial relationships with Fund Managers for Capital purposes, and have begun again to perpetuate the development of Housing in a different way than in the past.
Below is a time-line of significant events:
August 25, 1998
AHF-Baytown Community Development Corporation, a Non Profit Corporation was developed and created.
December 1, 2002
The Internal Revenue Service issued its official determination to the AHF-Baytown Community Development Corporation Foundation as having an "Exempt Status" under 501 (a) of the Internal Revenue Code as an organization described in section 501(c)(3).
February 13, 2003
The Foundation adopted a name change from AHF-Baytown Community Development Corporation to MidContinent Community Development Corporation, (MC-CDC), and the Amended Articles of Incorporation were filed on February 18, 2003 with the Office of the Secretary of State for the State of Texas.
February 21, 2007
Texas Department of Housing and Community Affairs, (TDHCA), issued a Certificate of Experience to MC-CDC. This certificate identified MC- CDC as a qualified Developer that has constructed or developed at least 100 units of residential housing in accordance with the requirements of the Qualified Allocation plan of 2007.
Mid-Continent Community Development Corporation, (MC-CDC) became an experienced General Partner in the Low-Income Housing Tax Credit Program, (LIHTC). MC-CDC had extensive experience with the following housing developments:
- Brandywood Housing Ltd., consisted of 698 affordable units, 80% of the units were slated for residents at or below 50% of the Area Median Gross Income.
- Residences of Greentree Village, Ltd. was a new construction development in which MC-CDC was the initial General Partner prior to syndication of tax credits.
- Amarillo Garden Apartments was a construction rehabilitation project. This development consisted of 100 units which were substantially rehabilitated in 2008-2009, with $40,000 of rehabilitation cost per unit.
MC-CDC was also experienced in the management and completion of commercial and multifamily construction projects. Responsibilities associated with these tasks included the hiring of subcontractors and scheduling of their activities. MC-CDC was highly capable in the settling and supervising of insurance loss claims, ranging from the initial negotiation and settlement of the claim through completion of the restoration.
On September 28, 2010
MC-CDC's Board of Directors adopted a name change from Mid Continent Community Development Corporation to Hope Housing Foundation (HOPE) and filed the Amended Articles of Incorporation with the Secretary of State for the State of Texas.
Safe, decent, affordable workforce housing has been identified as a critical need for America's hard-working families. This idea was the driving force behind the re-creation of HOPE. Since its creation, HOPE has been instrumental in the development of nearly 3000 affordable units, either as an initial Limited Partner, General Partner, or Sole Owner.
December 2011
HOPE acquired the General Partnership Interest in Sea Greens Apartment Homes, a planned unit development of 110 single family homes operated as an apartment home community located in Port Lavaca Texas. 100% of the units were set aside for residents at or below 60% of the Area Median Gross Income, as defined by HUD, and 5% of the units are used as transitional housing units for families that have experienced financial hardships.
March 2013
Hope acquired the Limited Partnership Interest of Sea Greens Apartment Homes, giving 100% ownership to the Foundation.
October 2013
HOPE, in partnership with the Texas Department of Housing and Community Affairs and the Enterprise Foundation, purchased Eban Village Apartments, a 330-unit multi-family housing development located in Dallas Texas. 100% of the units are set aside for residents at 30%, 50% or 60% of the Area Median Gross Income, as defined by HUD. HOPE has partnered with the City of Dallas to provide housing through a HUD funded City Grant for up to 70 families or persons that have experienced chronic homelessness. Some of these units are in Eban Village.
December 2013
The Foundation relocated its principal office from Amarillo, Texas to McKinney, Texas.
March 2014
HOPE, in partnership with the United States Department of Agriculture (USDA), United States Department of Housing and Urban Development (HUD), and Medlock Southwest Management, acquired Lavaca Landing Apartments, a 24-unit housing development in Hallettsville, Texas. 100% of the units are set aside for resident at or below 50% of the Area Median Gross Income, as defined by HUD.
June 2014
HOPE, in partnership with the United States Department of Housing and Urban Development (HUD) acquired Cypress Cove Apartments (formerly Beechgrove Apartments), a 468-unit multifamily housing development located in Westwego, LA. 100% of the units are set aside for residents at 50% or 80% of the Area Median Gross Income as defined by HUD.
HOPE is focused on the acquisition and preservation of existing affordable housing communities. Through efficient asset oversight, management, and ownership, HOPE will maintain and \ or provide stability to the current operations. HOPE will concentrate on providing quality management services to the residents of these communities to ensure all affordable housing requirements are met and strict adherence to apartment leasing laws are applied. HOPE currently has a staff of experienced real estate and affordable housing professionals with a passion to meet the needs of the affordable housing community.
February 2015
Hope, in partnership with the United States Department of Housing and Urban Development (HUD) acquired Ridge at Trinity Apartment, formerly Trinity Trails Apartments. The development consists of 230 affordable units serving the population of South Dallas’ 50% and 60% AMGI residents. This development required a substantial rehab totaling more than $29,000 per door. This development is layered with 2 Housing Assistance Payment Contracts (HAP) and Tax Credits.
November 2015
Sea Greens Partnership, Ltd. successfully refinanced the development of Sea Greens Apartments with an FHA 223F loan to preserve the affordability of the community for many years to come.
January 2016
Hope, in partnership with Enterprise Community Investment, Inc. and the Texas Department of Housing and Community Affairs, purchased the Sea Breeze Apartments in Port Lavaca, Texas. The development consists of 72 affordable units serving the population of Calhoun County. The community is a Tax Credit Development with 100% of the units being set aside for the 50% - 60% AMGI population.
July 2017
HHF Eban Village, LLC successfully refinanced the development of Eban Village Apartments with an FHA 223F loan to preserve the affordability of the community for many years to come.
September 2017
Refinanced Eban Village Apartments with a HUD 223F and started an extensive renovation plan from proceeds received from loan. Reinvested over $2M back in to property site.
October 2019
Purchased 81 Acres for Single Family home development.
September 2020
Closed on Development loan after 12 Mos. of planning site development and Home construction.
October 2020
Sold (Contracted) 200 of the 360 Lots (just after starting construction) as of 6-2021 < construction of lots 80% complete. Completed construction of Lots and began delivery in 8-2022 to LGI.
March 2021
Sold (Contracted additional 163 paper lots to developer).
April 2021
Under contract for 16.9 Acres of land, shovel ready for 400 units of apartments Closed on Land 10-2021 and syndicated equity for transaction.
November 2021
Closed on 11.9 Acres in Anna, TX. for 250 units. Walked process of re-platting and re-zoning through the Planning & Zoning department successfully. Expect full approved site plan and building plans to be completed by 11-2022.
January 2022
Repositioned Eban Village, Sea Greens and Sea Breeze with 501C3 Tax Exempt bonds. Bonds placed by Piper Sandler and purchased by Franklin Templeton and UMB as Trustee.
September 2022
Acquired 3.1 Acres in Kaukauna, WI. for the development of 185 units of workforce / affordable housing. 25% of the units at Market, 50% set aside for 80% AMI and 25% set aside for 50% AMI. AMI of the market area is $75,000.
