Dedication Ceremony for GraceLake Towne Homes, Beaumont, Texas

HUD's Houston Multifamily Program Center Director Ray Richardson (front row�2nd from lf) and partners of a collaboration between HUD, TDHCA, Beaumont CPD, Jefferson County and the ITEX Group celebrate the grand opening of the GraceLake Towne Homes housing complex in Beaumont.

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.

GraceLake Towne Homes in Beaumont, TX

The ITEX Group is both the owner and builder of this GraceLake project. Chris Akbari, ITEX Group Vice-President, discussed the modern design features, which enhance the quality of life by meeting Green Project standards for insulation, windows, roofing, appliances and lighting. Mr. Akbari stated that the city has been very helpful and encouraging, and he sincerely appreciated the support of Mayor Becky Ames, Councilman Jamie D. Smith and Judge Branick. Mayor Ames noted that this has been a partnership and the cooperation of public officials at all levels of government has been very important to the success of the project.

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.