Killeen Housing Authority Breaks Ground on New Housing

By June 21, 2018Uncategorized
Killeen Housing Authority in Texas broke ground recently on Hyde Estates, a new 76-unit community of one, two, three, and four bedroom apartments. The nearly $16 million development is expected to be completed later this year. Hyde Estates will be built on 13 acres of land in a prime location and will consist of 76 units built as duplexes and quad-plexes.

The first residents of Hyde Estates will transfer from Moss Rose, an existing 60-year old public housing site in north Killeen. When Hyde Estates is complete, the Killeen Housing Authority plans to begin the process to renovate the Moss Rose complex. Hyde Estates offers a significant menu of amenities including 2 playgrounds, a walking trail, Dog Park and outdoor gazebos. A new furnished clubhouse will provide on-site management and an array of supportive services.

City leaders were pleased to see more affordable housing come to Killeen. At the groundbreaking ceremony, City Council Member Gregory Johnson stated “all citizens deserve to be in affluent neighborhoods with good access to schools and teachers”.

As its development partner, HSA assembled the development team and all financing consisting of nearly $12 million in investor equity, a $500,000 grant from the FHLB of Dallas and a $3 million first mortgage. The Killeen Housing Authority’s conversion to RAD is a huge benefit with annual OCAF adjustments and increased subsidy.

Lisa Perata, the executive director of Killeen Housing Authority states “the RAD program has made it feasible for us to reshape our housing program and put us on a much greater financial footing for the future.” 

Construction underway

Rendering of finished product

Leave a Reply