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.