A building permit was issued on November 2015 for a 120 unit multi-family complex on Shary Boulevard in Alton Texas called Bella Vista Apartments. This is the third housing complex that will be developing this year utilizing housing tax credits. Construction is estimated to take eleven to fourteen months to complete.
Back in February 2014 the City and the City of Alton Development Corporation (CADC) supported an application for GCM Housing Alton LTD., and its affiliates, Madhouse Development Services to the Texas Department of Housing and Community Affairs (TDHCA) for 2014 competitive nine-percent housing tax credits to develop Bella Vista apartment complex to be located along Shary Boulevard just South of Mile 5. The capital investment for this project is approximately 12 million in private investments. The CADC approved a loan commitment to GCM Housing Alton LTD., in the amount of $275,000.00 in the form of a permanent loan. The loan was utilized to comply with TDHCA requirements in order to qualify for the maximum points under the rules for the Housing Tax Credit Program (HTC).
This ten acre gated development will host a 120 unit mixed income development with 1, 2, and 3 bedroom rentals. Some of the amenities that will be included will be a full perimeter fence with controlled access gates, swimming pool, picnic tables, grills, fully equipped playground with green areas. The Community Center will host a business center with computers. Units will have covered entries and patios and apartments will also have 8’ ceilings.