Dedication Ceremony for GraceLake Towne Homes, Beaumont, Texas
The dedication ceremony for GraceLake Towne Homes was held on November 30, 2011, at its Community Center at 3985 Sarah Street in southern Beaumont.
The GraceLake Towne Homes project represents an $18-million investment collaboration between HUD's Houston Multifamily Housing Program Center, the Texas Department of Housing Community (TDHCA), the Beaumont Community Planning and Development Department and Jefferson County. The $2.6 million HUD/FHA mortgage insurance portion of the deal provides affordable housing to income eligible residents.
The affordable housing complex contains 128 units, consisting of 32 one-bedroom, 64 two-bedroom and 32 three-bedroom units. The town homes are adjacent to the Antioch Baptist Church, which co-developed the project with the ITEX Group. The ITEX Group is based in Port Arthur, Texas, and specializes in real estate and the development, construction and management of multifamily apartments and commercial buildings in the state of Texas. It owns and/or manages 26 multifamily developments, home to more than 3,600 Texas families.
Pastor John Adolph, Antioch Baptist Church, stated that the new development is beautiful and already 90% occupied. It is an excellent addition to the surrounding neighborhood. As federally subsidized affordable housing, residents will qualify for rents below the market rate for comparable housing. Also, the units are highly energy efficient and monthly electricity and natural gas costs will be low for the residents.
Raynold Richardson, Director of HUD's Houston Multifamily Housing Program Center, stated that the efforts of the City of Beaumont, Jefferson County, TDHCA, the Developers and mortgagor, along with the participation of the Department of HUD, ensure that quality affordable housing will continue to be provided to the community.
|Content Archived: January 10, 2013|