Press Release
Freedom's Path at Waco, Texas Closes Over $11M in Financing for Historic Veteran Housing Development
Veteran Housing Coming to the City of Waco, Texas
PRESS RELEASE JUNE 24, 2024
Waco, Texas- The Freedom's Path Waco Development Team is pleased to announce that Freedom's Path Waco, a historic rehab, 34-unit Veteran housing development located on the Doris Miller VA Medical Center campus, has closed on all financing. Construction began June 3, 2024.
Freedom’s Path Waco is a public-private partnership utilizing an Enhanced Use Lease (EUL) provided by the U.S Department of Veterans Affairs (VA) to develop a Veteran-centric, permanent-supportive housing community in proximity to VA services and programs. This structure allows the VA to repurpose underutilized property through leasing arrangements with private sector entities to address Veteran homelessness. According to the 2023 Annual Homeless Assessment Report, Texas had 2,036 homeless Veterans. This housing, coupled with other VA initiatives, will reduce the overall number of homeless Veterans, toward the goal of having no Veteran endure the trauma of homelessness.
Financing consists of Historic Tax Credits, 9% Low Income Housing Tax Credits, a $ 2.85 M VA Capital Contribution funded from the PACT Act , Federal Home Loan Bank of Dallas AHP funding through Texas Capital Bank, a loan from the Texas Department of Housing and Community Affairs, a forgivable loan from the City of Waco and a grant from the Home Depot Foundation. The Waco Housing Authority will provide Project Based HUD-VASH and Section 8 vouchers. The Enterprise Community Loan Fund is the construction lender. Raymond James Affordable Housing Investments and Cabretta Capital are providing the tax credit equity.
Wellington Waco USA, LP is the Owner and Developer, an entity comprised of Solutions for Veterans, the Wellington Development Company, Munger Development, Garrison for Veterans, and the Shenandoah Group. The EStudio Group out of Houston is the Architect, Cortland Build based in Dallas is the General Contractor and the Waco Housing Authority will be the Property Manager. The Stan C. Parker Foundation has been the local catalyst behind the development.
A Groundbreaking Ceremony will be held on July 26, 2024
Freedom's Path Waco, Texas
Doris Miller VA Medical Center
4800 Memorial Drive, Buildings 19, 20 and 21
Waco, Texas 76711
9 a.m.-11 a.m.
(Ceremony will start at 9:30 a.m.)
For more information please contact :
Deann Aparicio, Deann.Aparicio2@va.gov
Patricia Murchison, pmmurchison@gmail.com