Sea Greens was developed using Low Income Housing Tax Credits and operated according to the Texas Department of Housing and Community Affairs and the Internal Revenue Service. The property utilized the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants until 30 year period expired.
Refinancing of Existing Multifamily Rental Housing
Section 207/223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA insured mortgages. HUD requires completion of critical repairs before endorsement of the mortgage and permits the completion of non-critical repairs after the endorsement for mortgage insurance. Sea Greens has successfully completed a refinance using this program.
Renters are required to pay the full rent. However, in most cases, the properties are happy to accept Project Based Section 8 vouchers if qualified. Otherwise, to qualify for tenancy under the Low Income Housing Tax Credit rules, a person or family must make no more than 60% of the Area Median Income.
Sea Greens Apartment Homes is located on the corner of South Street and San Antonio Street in Port Lavaca, Texas. The complex is an enclosed property with 110 individual apartment homes. The property is located at the edge of our down town district. Sea Greens Apartment Homes is only a 4 minute drive to the coastal Bayfront and water. Local employers range from 9 industrial plants to private businesses. The local schools consist of 2 elementary, 1 Junior High, and the Calhoun High School, home of the Fighting Sandcrabs. Our Lady of the Gulf is a K-12th private school. Our total population for Port Lavaca is 12,248.