On July 11, 2013, an on-site celebration was held by the U.S. Department of Housing and Urban Development (HUD), Texas Department of Housing and Community Affairs (TDHCA), City of Crockett officials, Bank of America representatives, ITEX Group and community leaders and residents for the completion of a much needed major renovation of Pine Ridge Manor, formerly known as Prince Hall Manor. The Crockett, TX housing complex was originally built in 1968, consisting of 70 units of housing in desperate need of rehabilitation. Pine Ridge Manor now offers 70 updated family living spaces that are attractive, resource efficient and affordable.
The ITEX Group and TDHCA, along with Bank of America, invested in the project. TDHCA provided a Low-Income Housing Tax Credit Award of $600,000 and $400,000 in HOME funds with Bank of America providing the permanent financing for a total development cost of $8,136,568. The rehabilitation included the latest in energy and resource efficiency. Each new apartment has been equipped with new energy efficient HVAC systems, improved insulation and water saving Energy Star appliances. The conservation steps are already saving residents money in lower monthly utility bills.
[Officials at Pine Ridge Manor open house ceremony]
(l to r) Raynold Richardson, Director, Multifamily Housing HUD; Sarah Zelczak, Advertising & Marketing Director, ITEX Group; Chris Akbari, ITEX Group Executive Vice President
Mayor Wayne Mask thanked the ITEX Group for making the investment in Crockett. “The families living in the neighborhood will have a much better quality of life because of the improvements made by ITEX.” He noted that the City Council was supportive of the project from the start. The finished product turned out to be more wonderful than they could have ever hoped. Pine Ridge Manor is now an attractive place whose residents will now proudly call home.
Raynold Richardson, Director of Multifamily Housing, Houston HUD Program Center, stated that “Pine Ridge Manor is a perfect picture of collaboration between federal, state, local government and private sector to provide and sustain decent and safe affordable housing.” He thanked all of the local community leaders and city officials for their collaboration in making the project happen. In addition, Mr. Richardson encouraged all of the residents to sustain Pine Ridge Manor as a beautiful and safe place to live for future generations.
Chris Akbari, ITEX Vice-President, stated “we are very proud of the positive changes that our renovation efforts bring and the new investments which are made by local government to the future of the neighborhood. We appreciate the cooperation we have received from the City Council, City employees, our investment partners, and community and business leaders which have been so important in making these renovations possible.”
