Red River Senior Village

900 Ross Street, Vernon, TX 76384
Status: Available
Year Built: 2004
Price: UNPRICED OFFERING
# of Units: 60
# of Buildings: 16
# of Stories: 1
Rentable SF: 49,460
Lot Size: 7.73 Acres
Density: 7.76 Units/Acre

Quick Stats:

  • Existing Senior LIHTC Property Placed in Service in 2005
  • Historical Vacancy Less Than 3%
  • Wilbarger County 2018 AMI Growth Rate of 10.08%
  • Vernon is 180 Miles Northwest of Dallas and 50 Miles west of Wichita Falls, and 170 Southwest of Oklahoma City, Oklahoma. Vernon is the County Seat of Wilbarger County Near the Red River.
  • Vernon is Located Approximately Half-Way Between Amarillo and the Dallas/Fort Worth Metroplex on U.S. 287

Description:

Red River Senior Village is a 60-unit affordable housing community for residents of ages 55 and older.  Located in Vernon, TX, the property is within minutes to the North Texas State Hospital, Wilbarger General Hospital, a Wal-Mart Supercenter, and other area amenities.
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 requires 57 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 2045. 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, on-site library, picnic area with bbq, and a fitness center. Unit amenities include a full appliance package, patio, and washer and dryer connections.

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