Date of Release: 05/01/2011

May 1, 2011- TEXAS- Construction is officially complete at Gholson Hotel in Ranger, Heritage Square Apartments in Texas City, and Park Place Apartments in Cleveland. Each affordable multi-family rental property has undergone a significant renovation since construction began in July of last year.

Gholson Hotel is a 50-unit, Section 8, senior property. This $1.5 million rehabilitation has resulted in increased energy efficiency for this historic building, and improved building security.  Individual units received completely redone kitchens and bathrooms, including appliances and upgraded lighting throughout.  Energy efficient doors and windows have been installed throughout the property, and common spaces have been completely revamped.  New apartment security locks, controlled access systems, and upgraded fire alarm systems have been installed.  Significant accessibility improvements have also been made.

Heritage Square Apartments is a 50-unit, Section 8, elderly property. Improvements made during this $1.8 million rehabilitation include new unit interiors with kitchen appliance upgrades and built-in dishwashers, upgraded unit bathrooms, and new heating, cooling, and electrical systems. Exterior improvements include new roofing, windows, siding, and paint. Security hardware has been installed to new outside doors. Community amenities include resident storage facilities, a community pavilion, expanded laundry facilities, upgraded community kitchen, upgraded security, and site accessible features.

Park Place Apartments is a 60-unit, Section 8, family and elderly property. Significant interior and exterior improvements have been made during this $2.6 million rehabilitation. Interior improvements resemble those made at Heritage Square Apartments. Community amenities include new community meeting rooms, laundry, computer labs, and office space. A new playground has also been built on the property, and vast improvements have been made to walking paths, parking lots, and landscaping. The four existing moderately accessible units have been brought up-to-date with ADA Accessibility Code compliance.

The properties are owned by Community Housing Concepts (CHC), a nonprofit organization dedicated increasing affordable housing opportunities and stabilizing neighborhoods. CHC agreed to preserve each property’s Section 8 status, meaning that rents will remain low enough to be eligible for Section 8 subsidies over what each tenant can afford.

Under the guidance of Steele Properties, in early 2010 the three properties were approved by the Texas Department of Housing and Community Affairs (TDHCA) to participate in the American Recovery and Reinvestment Act (ARRA) Tax Credit Exchange Program (TCEP). As a result, CHC received cash grants in lieu of its tax credit awards, which was applied to each project’s total acquisition cost.

Monroe Group Ltd. manages all three properties.  Monroe Group Ltd. is committed to providing the highest standard of professional property management, with a focus on affordable multi-family management- specifically Project Based Section 8 and LIHTC properties.  Monroe Group Ltd. believes that everyone, regardless of income or ability, deserves safe, decent housing.