City Officials Welcome Sunrise Terrace Affordable Housing Project

Groundbreaking for 70 Low Income Tax Credit Houses in La Feria

Sunrise Terrace is a new subdivision located at 2400 N. Solis Road in La Feria, Texas. It is the second project from South Texas Collaborative for Housing Development, Inc. (STCHD), following the success of Sunflower Estates Apartments, also located in La Feria.

Sunrise Terrace will consist of 70 single-family homes and a community center, a sports court, and two age-appropriate playgrounds. The homes include a mix of two-, three-, and four-bedrooms, with a number of houses designed to be ADA compliant, meaning they accommodate individuals with wheelchairs and other disabilities.

One of the great things that sets Sunrise Terrace apart is that each of the 70 homes will be available for rent: this means those families who’ve outgrown an apartment – but may not have the funds to make a down payment on a house – can still enjoy a home to call their own. Additionally, since Sunrise Terrace was awarded funding through the Low Income Housing Tax Credit program, a number of homes have been set aside for those families that earn 60%, 40%, or 30% of the area median income, with rent adjusted to accommodate their income.

STCHD is committed to providing safe and affordable housing throughout the Rio Grande Valley and we’re very proud to continue building here in La Feria.

South Texas Collaborative for Housing Development, Inc., a non-profit corporation based in La Feria, Texas, together with Delphi Affordable Housing Group, Inc. of Austin, Texas, has broken ground on Sunrise Terrace Subdivision, a new development consisting of 70 single-family rental homes. Designed to serve the low- and very low- income working families of Cameron County, the development has set aside homes for those earning 60%, 50%, and 30% of the area median income.

Sunrise Terrace Subdivision was awarded funds through the federal Low Income Housing Tax Credit Program, administered in state by the Texas Department of Housing and Community Affairs (TDHCA); in addition to awarding tax credits to the development, the TDHCA is also providing Sunrise Terrace with a HOME loan. PNC MultiFamily Capital is providing equity for the project, while the U.S. Department of Housing and Urban Development (HUD) is providing a credit enhancement for FHA financing. The La Feria Economic Development Corporation has awarded a grant to Sunrise Terrace, while the City of La Feria Tax Interest Reinvestment Zone has provided funding for off-site construction to benefit Sunrise Terrace and future growth in the area.

Jose A. Gonzalez of Urban Collaborative and Valery Kedroff of S. Williams Housing and Community Development Consulting have provided consulting on the project, from the initial search for viable locations through the application, award, and financial closing of Sunrise Terrace.

Delphi Affordable Housing Group, Inc., is a real estate development and consulting company specializing in the financial structuring, due diligence, development, financing, and syndication of multifamily affordable housing. Over the past 15 years, the company has acquired and rehabilitated more than twenty multifamily properties and has a current portfolio of over 3,100 units in four states.

South Texas Collaborative for Housing Development, Inc. was founded in 2009 to provide decent and affordable housing to low-income and moderate-income families throughout the Cameron, Hidalgo, Starr, and Willacy Counties of Texas. Additionally, STCHD provides loans and investment products, development services, and other related activities to promote both economic and community development in traditionally underserved areas. Sunrise Terrace is the second low-income Housing Tax Credit project developed by the South Texas Collaborative for Housing Development, Inc.

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