Date of Release: 08/01/2008

AUSTIN, TX – The Texas Department of Housing and Community Affairs (TDHCA) announced today that the Heritage Square Apartments, Leona Apartments, and Park Place Apartments will be awarded 9% Competitive Housing Tax Credits for 2008.  The apartment complexes are all owned by Community Housing Concepts (CHC), a Denver, Colorado based non-profit organization and managed by Monroe Group Ltd. 

The Heritage Square Apartments located in Texas City, Leona Apartments in Uvalde, and Park Place in Cleveland, Texas, were all acquired by CHC in October of 2007.  CHC is dedicated to providing safe, decent, and affordable housing options for its residents and revitalizing low income communities.  CHC owns thirteen low income communities, including Low Income Housing Tax Credit and Section 8 properties, with over 1300 units in five states. 

Hud Karshmer, President of CHC, expressed the organization's excitement to receive the Tax Credits for the properties “the positive impact that the tax credit financed rehabilitation will bestow upon the three communities is invaluable and furthers CHC's commitment to preserve affordable housing and improve the lives of our low-income residents.” 

Steele Properties LLC (Steele) will serve as the developer and will manage the rehab construction at each property.  Rehab details vary with the specific needs of each complex and Steele will manage budgets of $1.7 million for Heritage Square, $500,000 for Leona, and $2.5 million for Park Place.  Construction and improvements will include expanded community rooms, new playscapes, landscaping, resident storage areas, roofing and windows, and updates to kitchen and bath fixtures and finishes in individual units.

Steele Properties and its principals have facilitated the acquisition and of twenty properties in transactions worth almost $140 million and have managed rehabilitations of seven properties.

CHC has selected the Monroe Group, Ltd. to serve as the property management company for the newly acquired properties.  Monroe Group, Ltd. manages 23 multi-family properties totaling 2,084 units.  Its portfolio includes Project Based Section 8, Low Income Housing Tax Credit and mixed-income developments in Colorado, Indiana, Texas, North Carolina and Missouri.