Houston, TX – Dec 28, 2023 – ITEX, a leader in multifamily construction, development, and management, proudly announces a significant milestone: receiving a highly competitive 9% Tax Credit Award valued around $13M in Low-Income Housing Tax Credit (LIHTC) equity, in the 2023 Alabama Housing Finance Authority (AHFA) Competitive Cycle for the development of Columbus Square Phase III. This significant recognition further strengthens ITEX’s commitment to affordable housing.
Located at 645 Columbus St, Montgomery, AL, Columbus Square Phase III will be an extension of the already successful Columbus Square community. Known for its affordable loft-style apartments within walking distance of downtown Montgomery, the property offers an array of amenities, including a fitness center, community room, playground, and more. This new phase, comprising 60 units, will further expand the community’s capacity to offer high-quality, affordable housing options to Montgomery residents.
ITEX’s commitment to this project aligns seamlessly with the objectives of AHFA’s Housing Credit and HOME Investment Partnerships Program, which prioritizes the development of sustainable, affordable housing solutions. As one of only sixteen applications funded in this competitive cycle, the award underscores ITEX’s excellence and dedication in affordable housing development.
“We are honored to be recognized by AHFA and to be a part of this critical initiative,” says Chris Akbari, CEO of ITEX. “This award is not just a testament to our team’s hard work but also a crucial step towards addressing the affordable housing needs in Montgomery.”
The project is critical in addressing the urgent need for affordable housing in Montgomery, as highlighted by the Montgomery Housing Authority’s report of over 11,000 applicants on its waiting list. Scheduled for completion by Christmas 2025, Columbus Square Phase III will feature a mix of one, two, and three-bedroom apartments.
ITEX’s involvement in this project is part of a larger collaborative effort with the City of Montgomery, which is contributing essential infrastructure support. This partnership exemplifies a combined commitment to improving the living standards and quality of life for the citizens of Montgomery.
About ITEX
Founded in 1981, ITEX has developed over 8,000 units in over 60 communities, representing more than $800 million in completed developments. The team currently manages over 7,400 luxury and affordable housing units. The development of new communities — from ground-up planning to comprehensive neighborhood revitalizations — is a core component of what ITEX does. ITEX is also recognized as one of America’s “Top Places to Work in Multifamily” and is a fast-growing multifamily developer with a passion for building quality housing and great resident experiences.
For more information about this project or ITEX, please contact:
John Gonzalez
Vice President of Marketing
john.gonzalez@itexgrp.com
