Pecan Creek Apartments
Pecan Creek is CCA’s ninth 9% LITHC development in Oklahoma with Gorman Management Company. The property consists of 49 units within ten two-story buildings that serve families and people with disabilities. It was very challenging to secure a 9% reservation for Pecan Creek. In fact, it took a record 4 attempts to receive a 9% award, requiring the CCA team to show persistence and creativity. CCA help convert a Mod-Rehab HAP contract that previously required an annual renewal to a 20-year Project Based HAP Contract utilizing RAD Component II. The conversion allowed for an increase in rents to post renovation market level. In addition to LIHTC funding, the development team utilized a HUD 221(d)(4) mortgage and a HOME loan to maximize development sources. This combination of funding allowed for over $3.1 million in renovations.