KeyBank Provides $7.7M Financing for Affordable Housing Community in Waco

WACO, TEXAS — KeyBank Real Estate Capital has provided a $7.7 million interim loan for Brazos Village Apartments, a 144-unit affordable housing apartment community in Waco. Proceeds from the loan will be used to fund the acquisition and renovation of the property. The project operates under the Section 42 Low Income Housing Tax Credit (LITHC) program and is within its extended use period requiring that 70 percent of the units be rented to tenants earning no more than 60 percent area median income (AMI) and 30 percent of the units be set aside for tenants earning no more than 50 percent AMI. This project is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the United States. John Gilmore IV of KeyBank’s community development lending division arranged the financing.