Lincoln Avenue Communities Launches Affordable Housing Project
Lincoln Avenue Communities (LAC) is excited to announce the groundbreaking of The Reserve at Chisholm Creek—an affordable housing community that aims to cater to families in one of Oklahoma City's burgeoning regions. This initiative marks LAC's inaugural construction project in Oklahoma, with the goal of delivering 267 high-quality, affordable homes.
A Commitment to Affordable Living
At LAC, the mission goes beyond mere construction. They are dedicated to developing sustainable communities that provide families with a chance at a better life. David Garcia, LAC’s Vice President and Project Partner, shared, 'LAC is proud to bring high-quality housing to Oklahoma City, which will create long-term access to affordable housing in one of the city's most dynamic and growing areas.'
Features of The Reserve at Chisholm Creek
The Reserve at Chisholm Creek promises to offer a diverse arrangement of one-, two-, three-, and four-bedroom apartments equipped with modern amenities. Residents can expect a range of facilities, including a swimming pool, a dog park, playground, fitness center, and a clubroom that provides a welcoming space for community gatherings.
Sustainable Design
Highlighting LAC's commitment to sustainability, the structure of The Reserve will include solar panels designed to reduce common area electricity usage. The apartments will also feature stainless steel appliances and in-unit laundry facilities, addressing the needs of modern families.
Financing and Support for Development
The Reserve is designed to be accessible for families earning up to 60% of the Area Median Income (AMI). This ambitious project has secured financing through various channels, including the 4% non-competitive Low-Income Housing Tax Credits (LIHTC). In addition, the development achieved support from tax-exempt bonds and Oklahoma state low-income housing tax credits through the Oklahoma Housing Finance Agency.
Key Partnerships
Chase Bank played a crucial role by providing construction financing, while Barings offered a permanent loan to support the project. US Bank also entered the mix by purchasing the federal and state LIHTCs. The design work was entrusted to Rosemann & Associates, with CMS Willowbrook serving as the general contractor, ensuring that all construction meets the required standards.
About Lincoln Avenue Communities
Lincoln Avenue Communities is recognized as one of the fastest-growing developers and operators of workforce and affordable housing across the United States. With a robust presence in 31 states, LAC manages a diverse portfolio that exceeds 30,500 units, serving over 80,000 residents. Their mission-driven approach ensures they provide top-quality homes for lower- and moderate-income families, emphasizing sustainability and community engagement.
Frequently Asked Questions
What is The Reserve at Chisholm Creek?
The Reserve at Chisholm Creek is a new affordable housing development by Lincoln Avenue Communities that includes 267 units for families.
What amenities will be offered at the community?
The community will feature amenities such as a swimming pool, fitness center, playground, dog park, and a resident clubroom.
Who is eligible to live in these apartments?
Units will be leased to individuals and families earning up to 60% of the Area Median Income (AMI).
How is the project being financed?
The development is financed through a combination of Low-Income Housing Tax Credits, tax-exempt bonds, and other state resources.
What is LAC’s mission?
LAC is dedicated to developing sustainable, affordable housing solutions for lower- and moderate-income individuals and families across the country.
