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Developers, lender tell El Campo council proposed rental project will be market-rate, not low-income
Summary
Developers and the loan officer for a proposed rental project told the El Campo City Council during public comment that the project is market-rate, subject to a rent cap at 115% of area median income, and that financing is in final underwriting with a planned September groundbreaking.
Developers and the lender for a proposed rental project told the El Campo City Council during public comment on July 28 that the development will be market-rate and not an affordable-housing project. Joseph Bramante, identifying himself from 4914 Brinkman in Houston, said concerns raised by a recent public notice stemmed from wording in the lender’s paperwork and not from the deal’s economics. "There is a rent restriction, but it's a very high threshold. It's a 115% of the area median income," Bramante said. "Our rents are well over $1,400 a month on average, so it's…
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