Dripping Springs Senior Village

2405 J J Flewellen Road Waco, TX 76704
Status: Available
Year Built: 2005
Price: UNPRICED OFFERING
# of Units: 100
# of Buildings: 26
# of Stories: 1
Rentable SF: 82,860
Lot Size: 20.00 Acres
Density: 5 Units/Acre

Quick Stats:

  • Existing LIHTC Senior Property Placed in Service in 2005
  • Waco is Home to Baylor University, which has an Enrollment of 17,059
  • McLennan County AMI Growth Rate Has  Increased Over 17% in Past Two Years
  • Potential to Build Additional Units on Approximately 4.50 Vacant Acres
  • The Waco Metropolitan Statistical Area has Grown by 11.2% Over the Past Five Years and is Expected to Expand by 59,100 Residents by 2040

Description:

Dripping Springs is a 100-unit affordable housing community designated for senior residents.  Located in Waco, TX, the property is in close proximity to the Central Texas Senior Center, numerous churches, restaurants, and various retail amenities such as a Wal-Mart Supercenter, Sam’s Club, and H-E-B.

The property was built and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which 85 requires units to be rented to income qualifying residents earning no more than 30%, 50%, & 60% of Area Medium Income (AMI) limits, which are provided by the Texas Department of Housing and Community Affairs. The remaining units are unrestricted. The property is still within its initial tax credit compliance period and has extended use restrictions until 2046. Historically Underutilized Business (HUB) requirement has been removed per an amendment to the TDHCA Land Use Restriction Agreement.

Residents benefit from well maintained grounds, clubhouse, gated access, on-site laundry facilities, fitness center, access to public transportation, and covered parking. Unit amenities include a full appliance package, extra storage, pantry, walk-in closets, patio/balcony, and washer and dryer connections.

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