$4.5 million housing project okayed

A lengthy board meeting by the Texas Department of Housing and Community Affairs Tuesday ended with positive results for the city of Brady. During the meeting, the decision to approve the program fostered by Leslie Donaldson and Beverly Funderburgh, both of Stephenville, was made clearing the way for a new federally funded apartment complex to begin construction. Beginning in February, Donaldson and Funderburgh began preliminary discussions with local realtors and city officials detailing the type of project they were looking to build. As awarded by the board on Tuesday, the project consists of 60 one, two and three bedroom apartments in a complex that will be located on a tract of land between the Sunset Ridge Church of Christ and U.S. Hwy. 87 South. Total cost of the project is $4.5 million, of which only $700,000 will be carried as conventional debt. The approval of this project by the board at the Department of Housing and Community Affairs allows them to issue tax credits to investors. “By building an apartment complex this way, we are able to offer lower rates to the occupants,” Donaldson told the Standard-Herald Wednesday. “This is not HUD housing or low income housing. This is conventional housing intended for people who only make 50-60 percent of the median income for the area. “When we first came to Brady, we met with the city as well as with the Housing Authority to detemine the needs of the area. From there, we designed a plan that is custom tailored for this particular community.” Donaldson and Funderburgh have also received a loan from the Housing Trust Fund which is a state program that helps finance programs of this type. The loan provided for this project is a $127,500 30-year loan at one percent interest. In addition to the Brady complex, Donaldson and Funderburgh have also been approved for a similar job in Stephenville. Donaldson and Funderburgh will be in Brady Friday (today) meeting with contractors and engineers to begin the preliminary planning stages for construction of what will be known as the Sagebrush Apartment Complex. The actual construction will not begin until spring 2002 with an estimated time of completion being late summer.

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