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Council authorizes subordination agreement to help refinance Auburn Square Apartments

City Council of the City of Orange, Texas · March 10, 2026

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Summary

Council ratified authorization for the city manager to execute a subordination agreement allowing refinancing for Auburn Square Apartments; Legacy (nonprofit) described stabilizing the property after foreclosure risk and requested the change so refinancing can close.

The City Council on March 10 ratified authorization for the city manager to execute a subordination agreement intended to enable refinancing of Auburn Square Apartments.

City staff explained the resolution removes a prior condition that the subordination be concurrently approved by TDHCA (Texas Department of Housing and Community Affairs). Staff said Texas Mezzanine Fund will pay off an existing TDHCA loan and that removing the…

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