Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

Socorro Palms Apartments – Socorro, Texas

Socorro Palms exterior
Image Source: The Community Development Trust

Through the Positive Social Purpose Lending Program and in partnership with The Community Development Trust, participation was purchased in a loan providing financing for a mixed income development in Socorro, TX that consists of 38 fourplex buildings and contains 152 units. 110 units are restricted to tenants with household incomes up to 60% of the area median income. The project markets to veterans and 5% of the units are reserved for persons with special needs. Tenants have access to supportive services such as financial planning classes and health courses. Unit amenities include washers and dryers, full kitchen appliances, and ceiling fans in all rooms. Common area amenities include a children’s playground, sports court, barbeque area and a community center with a community
room, library and business center.

Transaction Summary:
 

Property Name: Socorro Palms Apartments
Location: 11251 Socorro Rd, Socorro, Texas
Units: 152
Loan Amount: $5,000,000
Term: 18 years
Purchase Date: July 28, 2017

 

For more information about The Community Development Trust: www.cdt.biz

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

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