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FOR IMMEDIATE RELEASE July 31, 2012 Shane Griffith – Public Information and Government Relations Officer (915) 849-3710, (915) 503-4500, sgriffith@hacep.org EL PASO, TEXAS - The Housing Authority of the City of El Paso, Texas (HACEP), Hunt Companies, Inc., and Investment Builders, Inc. are proud to announce that their public-private partnership to develop a 14.5-acre mixed-use community in East El Paso was approved by the Texas Department of Housing and Community Affairs on Thursday, July 26, 2012. This partnership secured a 9-percent competitive tax credit through TDHCA to build a total of 188 units of conventional public housing, Low Income Housing Tax Credit, and market rate units on the corner of North Zaragoza Road and Joe Battle Blvd., one of the busiest intersections in the City of El Paso. The property will assume the name of "Eastside Crossings," a reflection of its location on the City's Eastside and its juxtaposition between two main thoroughfares. "This partnership enables both HACEP, Hunt, and IBI to leverage our collective strengths to develop high-quality affordable housing for families in need while helping El Paso meet its goal of becoming the home to safe, walkable, and sustainable neighborhoods," said Gerald W. Cichon, Chief Executive Officer of HACEP. "Hunt has a proven track record in developing and financing affordable housing, and HACEP is very good at managing housing units. The end result is a community of which we can all be proud." The parcel slated for development is a 75-lot subdivision that already contains 10 Energy Star affordable housing single family detached homes constructed by Zia Homes, Inc. in 2009 as part of the Alamito HOPE VI Revitalization project. Streets and infrastructure are complete and this initiative will further develop the remaining parcels with homes built to LEED Silver-equivalent criteria. The property will feature 64 public housing units, 79 affordable housing units, and 45 market rate units. The architectural concepts were designed by Wright & Dalbin Architects, Inc. and engineering provided by SLI. Goals of this initiative are to eliminate the stigma associated with traditional affordable housing initiatives by producing public housing and affordable units that are indistinguishable from unrestricted income (market-rate) units, are dispersed throughout the development, and accommodate a variety of family sizes. “One of our goals for this project is to create a sustainable community that features a mix of uses including family and senior housing, residential, retail and commercial uses,” said Robin Vaughn, Executive Vice President at Hunt. “We see it as a cohesive community that integrates these uses with community amenities such as connecting trails, community building and local retail. As an El Paso-based company, we are invested in achieving the right outcome.” Locally-owned Investment Builders, Inc. (IBI) helped HACEP leverage its federal funding resources through the tax credit application to maximize the positive impact of this project on the surrounding community. On Wednesday, December 14, 2011, the HACEP Board of Commissioners approved a Memorandum of Understanding with Hunt Companies and IBI to engage in this partnership and apply for the 9-percent tax credit grant through TDHCA. Now that the application was successful, construction will commence in 2012 and is slated for completion in late 2013. ABOUT HACEP The Housing Authority of the City of El Paso, Texas (HACEP) provides safe, decent and affordable housing to assisted families at or below 80 percent of the area median income. HACEP is the 21st largest public housing authority in the United States and provides high-quality housing assistance to 40,000 El Pasoans through its Public Housing, Housing Choice Voucher, Tax Credit, Non-Subsidized and Section 8 New Construction programs. HACEP operates a $75 million annual budget and is regulated and primarily funded by the U.S. Department of Housing and Urban Development (HUD). ABOUT HUNT Hunt Companies, Inc. is a leading national real estate company dedicated to building values through development, investment, and management. Hunt is focused in the core areas of public private partnership, military housing, community development, real asset investment management and multifamily housing. Hunt is firmly rooted in a legacy of leadership, integrity, and trust. Together, Hunt and its affiliates have more than $13 billion in assets under management, including 144,583 multi-family housing units and 8.3 million square feet of office, retail and industrial properties. Hunt has also developed 89,000 housing units, over 1 million square feet of commercial space and thousands of acres of land. Development project costs have totaled more than $6.3 billion with more than $8.2 billion in construction costs. Visit www.huntcompanies.com to learn more about Hunt, its heritage and commitment to values that build.