TDHCA Approves Tax Credit Application for Public-Private Partnership

Nov. 5, 2012 - PRLog -- EL PASO – Investment Builders, Inc. (IBI), The Housing Authority of the City of El Paso, Texas (HACEP) and Hunt Companies, Inc. are pleased to announce that their public-private partnership to develop a 14.5-acre mixed-use community in East El Paso was recently approved by the Texas Department of Housing and Community Affairs.  This partnership has established a 9-percent competitive tax credit through TDHCA to build a total of 188 units of traditional public housing, Low Income Housing Tax Credit and market rate units.  The new property named “Eastside Crossings” will be located at the corner of North Zaragoza Road and Joe Battle Blvd, one of the fastest growing areas of El Paso.

The property will feature 64 public housing units, 79 affordable housing units and 45 market rate units. The objective of this project is to get rid of the stigma associated with conventional affordable housing initiatives. This will be accomplished by creating public housing and affordable units that mirror market rate units, which will be distributed throughout the development and that can house an assortment of family sizes.

Locally-owned Investment Builders, Inc. (IBI) assisted HACEP, by leveraging its federal funding resources through the tax credit application to expand the positive impact on the community.  

Ike Monty, President of IBI stated, “We are excited to be a member of this partnership, where we can provide safe and viable neighborhoods for a variety of members in our community.  I believe this is the start of many similar projects to come in El Paso and the surrounding communities.”

About Investment Builders, Inc.

Monty has been actively involved in housing developments for over 33 years with over one billion dollars of construction work.   In addition, to serving on the JINSA Board of Advisors, Mr. Monty has served on the Texas Affiliation of Affordable Housing Providers.  He is a native El Pasoan and holds a BA from the University of Texas at El Paso.