News entry content
Just In Time for the Holidays:
HACA subsidiary Austin Affordable Housing Corp. partners with the CDT and CPC Mortgage Company to unlock affordable housing in Northwest.
Joint venture to purchase 350-unit Bridge at Ribelin Ranch Complex ensures working families will have access to affordable housing near high-quality schools and jobs.
AUSTIN, Texas (PRWEB) December 08, 2021
The Austin Affordable Housing Corporation (AAHC), a subsidiary of the Housing Authority of the City of Austin (HACA) in partnership with the Community Development Trust (CDT), today announced the purchase of the Bridge at Ribelin Ranch Apartments in northwest Austin near Lake Travis. CPC Mortgage Company LLC (MoCo) provided Fannie Mae financing to assist in the acquisition. Through this partnership, AAHC and CDT will create 175 newly restricted affordable units, helping to increase the supply of much-needed quality affordable rental housing in Austin.
This announcement reflects a commitment to bring affordable housing to all parts of Austin by the AAHC, HACA’s nonprofit affiliate, and the CDT, a mission-driven affordable housing preservation equity investor. The purchase of the Bridge at Ribelin Ranch will ensure a long-term commitment to affordable housing in an area with a shortage of options for families in need.
“While the economy in Austin continues to grow at an unprecedented pace, the availability of affordable housing has not,” said Mike Gerber, HACA CEO. “At HACA and AAHC, we are committed to finding innovative solutions to the housing shortage in our city. Adding these high-quality affordable units will connect more families to better housing options, schools and employment opportunities.”
“The Bridge at Ribelin Ranch investment will help ensure that the city of Austin can continue to provide high-quality, affordable housing with access to its residents for many years to come,” says Michael Lear, CDT SVP and Head of Acquisitions. “This purchase is CDT’s fifth investment with AAHC/HACA. CDT and AAHC now own more than 2,000 units in Austin through joint ventures, and we look forward to bringing more affordable housing to the area in the future.”
Built in 2008, the Bridge at Ribelin Ranch is a modern garden-style apartment with family-friendly units located in a prime northwest Austin location. Ribelin Ranch will bring much-needed affordable units to the Lake Travis area, close to strong schools and high-tech job opportunities. The floorplans exceed affordable housing expectations with spacious living areas and an array of upscale amenities, including a resort-style swimming pool, 24-hour fitness center, clubhouse with a business center, 24-hour package system, and a dog park.
To make this purchase possible, AAHC and the CDT partnered with CPC Mortgage Company, a national nonprofit mortgage lender specializing in affordable multifamily communities, provided the acquisition financing for the property through its Fannie Mae Multifamily Affordable Housing program.
“At a time when cities across our country are facing a crisis of housing affordability and quality, public-private partnerships like this are going to be critical to ensure we can expand and preserve affordable housing in our communities,” said John Cannon, President, CPC Mortgage Company. “As the only nonprofit mortgage lender with a full suite of Agency licenses, it’s a pleasure working with like-minded organizations like CDT and AAHC that invest with mission and purpose. We are proud to provide our borrowers with products like Fannie Mae’s MAH, tailored to the unique needs of affordable housing transactions.”
“It takes a village to fix a housing crisis, and it is an honor to work alongside CDT and CPC on this acquisition of affordable homes in our community,” added Mike Gerber, HACA CEO. “The Bridge at Ribelin Ranch investment shows how an innovative public-private partnership can overcome the barriers facing the development of affordable housing today in Austin.”
About the HACA/AAHC
Established in 1937, the Housing Authority of the City of Austin (HACA) is an independent unit of government separate from the City of Austin. HACA’s mission is to cultivate sustainable affordable housing communities and partnerships that inspire self-reliance, growth, and optimism. As a High-Performing housing authority that assists over 20,000 Austinites, HACA owns and operates 1,839 units of subsidized housing in 18 developments throughout Austin. For more information, visit hacanet.org, or find us on Twitter @hacanet.
About the Community Development Trust (CDT)
The Community Development Trust (“CDT”) is a national investor that provides long-term capital to preserve and create affordable housing and charter school facilities. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. Over the last twenty years, CDT has invested over $2.5 billion in debt and equity capital for properties in 45 states and regions helping to preserve and create over 51,000 units of affordable housing that have provided homes for more than 120,000 residents. CDT is a private real estate investment trust (REIT) and certified community development financial institution (CDFI).
About CPC Mortgage Company LLC (MoCo)
CPC Mortgage Company LLC is a full-service Agency lender offering a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products. Our scope includes conventional, affordable, and small balance lending for the acquisition, refinance, rehabilitation and construction of multifamily housing. CPC Mortgage Company LLC is a subsidiary of The Community Preservation Corporation (CPC), an S&P AA- rated, nonprofit multifamily finance company that has delivered more than $12 billion to finance more than 200,000 units of affordable and workforce housing. Revenue generated by CPC Mortgage Company LLC supports the mission of CPC, allowing it to have a greater impact with its investments in housing and community development. Visit us at communityp.com/mortgagecompany.