Development & Investors

LUCAS GARDENS REVITALIZATION

Lucas Gardens was a 56 unit public housing development constructed in 1965.   In 2010, BHA, in partnership with Carleton Development, secured a 9% Low Income Housing Tax Credit allocation to demolish Lucas Gardens and replace it with The Crossing.

The Crossing features 150 one and two bedroom units for seniors ages 55 and older, who can earn up to $27,600.  The property features a wide range of community amenities including a beauty salon, billiards room, ceramics studio, fitness center and computer lab.   The exterior grounds feature a beautiful water fountain, porte cochere, gazebo, covered pavilion, BBQ grills, picnic tables and an accessible walking trail.   The spacious units include washer/dryer connections; Energy Star rated appliances and a private balcony with French doors.

In support of BHA’s application for tax credits, the City of Beaumont committed to upgrading the infrastructure on East Lucas Drive, including repaving sidewalks between Concord and Helbig and inserting a crosswalk for residents to cross the busy street.  These improvements will allow seniors easy access to Walgreens, HEB and the Elmo Willard Public Library.

To learn more about The Crossing, visit www.thecrossingbeaumont.com

The Crossing Financing
9% Housing Tax Credits Offered by the Texas Department of Housing & Community Affairs Syndicated by National Equity Fund, Inc.	$13,380,193
Permanent Loan Financed by Wells Fargo	$2,352,130
Deferred Developer Fee Provided by Carleton Development and Beaumont Housing Authority	$739,087
In-Kind Commitment Streets, Drainage, Sidewalks, Lighting, Crosswalk Provided by the City of Beaumont	$808,600
TOTAL	$17,280,010

Azure Pointe

In July 2011, the Texas Department of Housing & Community Affairs awarded BHA a 9% Housing Tax Credit award of $19.164 million dollars for the construction of Azure Pointe, a 140 unit mixed income property.

Azure Pointe, developed in partnership with NRP, Inc., will be located in far north Beaumont off of U.S. 69 and Chinn Lane.   The property will feature an array of community amenities, including controlled gate access, a swimming pool, a fitness center, a computer lab, barbecue grills and picnic tables and a children’s playground.   Units will include energy efficient design with Energy Star rated appliances and covered patios and balconies.

Construction began in the fall of 2012, with units becoming available in the summer of 2013.

Azure Pointe Financing
9% Housing Tax Credits Offered by the Texas Department of Housing & Community Affairs	$15,483,554
Permanent Loan	$2,795,000
Deferred Developer Fee Provided by NRP, Inc. and Beaumont Housing Authority	$529,049
TOTAL	$18,807,603

HOPE VI PROGRAM

In 2006, BHA was awarded a $20 million dollar HOPE VI Revitalization Grant from the U.S. Department of Housing & Urban Development. They were also awarded a $13.7 million dollar Hurricane Rita Recovery Grant from the Texas Department of Housing and Community Development. Using these funds along with leveraging from local partners, Magnolia Gardens was demolished and replaced with:

• Regent I, a 160-unit, mixed-income community built with a mixture of Housing Tax Credits, Tax Exempt Bonds and HOPE VI funds
• Pointe North, a 158-unit, mixed-income community built with a mixture of Hurricane Rita Recovery funds and HOPE VI funds
• Regent II, a new subdivision with 87 single-family lots available for homeownership.

The redevelopment of Magnolia Gardens is a critical piece of the City’s rebuilding effort. While many Beaumont residents have been discouraged by the resulting shortage of decent housing, BHA’s HOPE VI planning process has restored enthusiasm. BHA has coordinated an extensive community planning process to create the plan for Magnolia Gardens, and as a result, enjoys unprecedented support from residents, business owners, the City and other stakeholders.

City leaders strongly support BHA’s efforts in the North End, which will help curb suburban sprawl by providing high-quality, affordable housing choices close to the City’s Downtown Master Plan. That Plan includes retail, commercial and retail investment as well as plans for a new town lake, City Hall, hotels and entertainment along the existing riverfront.

Regent I Financing
Tax Exempt Bonds	$10,000,000
4% Housing Tax Credits	$8,465,482
TOTAL	$26,654,977
Pointe North Financing
CDBG Hurricane Rita Recovery Grant	$13,778,322
HOPE VI Funds	$4,700,000
TOTAL	$17,778,322
Regent II Infrastructure Financing
HOPE VI Funds	$1,715,000
TOTAL	$1,715,000
Other HOPE VI Expenses
Administrative Costs (Salaries, Supplies, Legal Fees, Consulting Fees, Land Acquisition, etc.)	$4,930,505
Gloria Ramirez Neighborhood Resource Center Financing
HOPE VI Funds	$800,000
Community and Supportive Services Financing
HOPE VI Funds	$1,364,978