Holly Creek Apartments
On January 15, 2004, PHR Woodlands Properties, LLC—a wholly-owned subsidiary of Provident Housing Resources, Inc. (PHR)—acquired Holly Creek Apartments from PHR Woodlands, L.L.C., who had previously acquired the property on June 23, 2003 from an unrelated third party. Holly Creek Apartments are located at 333 Holly Creek Court in The Woodlands, Texas. The property contains 332 units in 24 two-story buildings and is comprised of 108 one-bedroom units, 168 two-bedroom units and 56 three-bedroom units.
The project involves both senior and subordinate debt financing. PHR acquired financing through the use of tax-exempt, multi-family revenue bonds issued by Montgomery County Housing Finance Corporation:
Multi-family Housing Tax-exempt Revenue Bonds (Holly Creek I and II Apartments) Series 2004A ($10,850,000)
Multi-family Housing Tax-exempt Revenue Bonds (Holly Creek I and II Apartments) Subordinate Series 2004B ($7,720,000)
Through a credit agreement and the use of total return swaps, both risk and interest rate expenses are able to be reduced. The debt is also cross-collateralized across the housing portfolio to ensure any repayment obligations.
Awards and Recognition
In 2007, the National Affordable Housing Management Association nationally recognized Holly Creek Apartments as a National Community of Quality.
The property must hold 75 percent of the units reserved for persons with income at 80 percent of Average Median Income (AMI), in addition to 20 percent of the units reserved for persons with income at 50 percent AMI. This provides lower income residents the ability to live both comfortably and affordably. However, Provident is dedicated to providing more than just affordable housing. To ensure high quality community life, Provident operates its Service Enriched Housing Program, which is designed specifically for the property’s residents to ensure they have access to the services they need to create a safe and stable environment while providing opportunity and support for the realization of individual goals and aspirations. The Service Enriched Housing Program provides residents with access to a range of programs and services sponsored by local and national organizations which can effectively address social problems such as abuse. The program can also enhance the quality of life for residents by improving access to education, employment, healthcare, transportation and more.
Holly Creek Apartments are managed by an unaffiliated third party, LBK Management Services.