The Residence at Lamar in Wichita Falls Honored with
Affordable Housing Award From National Coalition
September 22, 2021
Washington, D.C. – The Affordable Housing Tax Credit Coalition (AHTCC) today announced that The Residence at Lamar in Wichita Falls, Texas, is a 2021 recipient of the Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category, recognizing affordable housing developments and organizations that have demonstrated impactful use of the Low-Income Housing Tax Credit (Housing Credit).
Presented annually, the Edson Awards honor Housing Credit developments that strengthen communities, improve resident opportunities and support economies in urban, suburban and rural areas across the country. This year, the awards coincide with Congress’ consideration of budget reconciliation legislation that would make major investments in housing infrastructure – at a time when communities nationwide face ongoing economic challenges and housing insecurity from the lingering effects of the COVID-19 pandemic.
“Affordable homes developed with the Housing Credit prove that an effective solution exists for the housing crisis that continues to impact communities and families nationwide,” said AHTCC Executive Director Emily Cadik. “This year we are awarding properties serving veterans, individuals suffering from opioid addiction, and low-income senior citizens, in addition to outstanding affordable housing preservation efforts and new construction built to meet the needs of surrounding communities. These are just a few examples of what the Housing Credit achieves every day to provide much-needed affordable housing.”
The Residence at Lamar, developed by Overland Property Group, is the adaptive reuse and renovation of a historic, four-story building constructed in downtown Wichita Falls, TX. The property provides 30 homes for seniors earning 30%, 50% and 60% of the Area Median Income (AMI), and features 24 one-bedroom homes and six two-bedroom homes. The 9 percent Housing Credit was used to finance the property, with syndication provided by Midwest Housing Equity Group. Built in 1929, the Residence at Lamar was formerly a furniture store and later home to various other businesses before sitting vacant. Renovating The Residence at Lamar was a major contribution to recent efforts to revitalize the downtown area of the city, starting with revitalizing the building into safe, affordable, and comfortable housing for Wichita Falls' senior citizens. Today, residents benefit from on-site health care and yearly health screenings, an on-site food pantry, and recreational activities such as movie nights and book clubs. Shared amenities include an elevator, leasing office, lounge area, fitness center, beauty salon and chapel/theater room. The development also includes 3,500 square feet of commercial space on the main level.
Since 1986, the Housing Credit has financed more than three million homes for low-income households, including and formerly homeless individuals and families, people with disabilities, veterans of the armed forces, and senior citizens. Through public-private partnerships, the Housing Credit offers a proven track record of financing safe, modern and well-designed affordable homes in communities where they are needed most.
“The Edson Award winners this year demonstrate the flexibility of the Housing Credit to meet the needs of households and communities from Eagle River, Alaska; to Wichita Falls, Texas; to Milwaukee, Wisconsin,” said Matt Josephs, AHTCC Board President and Senior Vice President for Policy for the Local Initiatives Support Corporation. “As we continue to confront the impact of the pandemic, it is vital that tools like the Housing Credit are enhanced and strengthened, so that we can better address our national housing crisis that grows more urgent by the day.”
For more information about the 2021 Edson Awards, please visit taxcreditcoalition.org/edson-awards/.