Lubbock apartment complex renovation aims to expand affordability
LUBBOCK, Texas – LEDG Capital, a private company dedicated to the preservation and creation of affordable housing, announced the completion of a $12 million project to modernize 244 apartments at two multifamily communities in Lubbock. The renovation delivered new heating and air conditioning systems, kitchens, bathrooms, flooring and other improvements to residents according to a press release.
The 11-month renovation focused on extensive upgrades on 144-unit Low Income Housing Tax Credit and Section 8 complex for families built in 1978 and an adjacent 100-unit Section 8 and market-rate development originally constructed in 1973.
"This project delivered much-needed interior and exterior upgrades to the entire community, converted 60 market-rate units to affordable apartments and protected affordability for decades to come," said Jacob Levy, founding partner of LEDG Capital. "We are grateful to our local, state and federal partners for working with us on this effort and to the residents for their patience while work was underway."
As a result of the project all 244 units on the combined property now known as Southstead Apartments are affordable to households earning 30 and 60 percent of the Area Median Income (AMI).
The 20-acre community features 11 two-story garden-style apartment buildings and 14 single-story buildings.
In addition to extensive upgrades to kitchens, bathrooms and HVAC systems, LEDG Capital's rehabilitation effort brought the community new roofs, a new playground, a new security system with improved outdoor lighting, new WiFi access in the community buildings, new exterior painting, new or updated pedestrian pathways and parking areas, and upgraded trash enclosures.
In addition, 14 units were upgraded to achieve handicapped accessibility, and five apartments were also made accessible to residents with hearing or visual impairments.
The Lubbock Housing Finance Corporation (LHFC) a public non-profit corporation that partners with the private sector to create housing for low-to-moderate income citizens, provided tax-exempt bond financing for the project allowed LEDG Capital to secure an allocation of Low-Income Housing Tax Credits from the Texas Department of Housing and Community Affairs.
"Lubbock HFC is pleased to have played a role in increasing the supply of quality apartment homes that are affordable to working families in our community," said LHFC Executive Director Shari Flynn.
