November 8, 2018 Comments Off on Renovation Launched on 65-Year-Old Petroleum Building Views: 2753 Texas - Other, Texas News

Renovation Launched on 65-Year-Old Petroleum Building

Saigebrook Development began renovation work to convert Longview, TX’s 65-year-old Petroleum Building into affordable apartment units. The developer is financing the close to $10 million project with a $600,000 loan granted by the Longview City Council, tax credits from the Texas Department of Housing and Community Affairs and an additional $6.5 million in financing.

Upon completion, the project at 202 E. Whaley St., dubbed Alton Plaza at the Petroleum Building, will have rental units available to individuals and families who are earning between 50%-60% of the area median income of $59,400. Four units will be set aside for residents at 30% AMI, while 15 units will be available for the market rate.

The developer told the Longview News-Journal that the focus will be on people living and working in the community, who are spending more than 30% of their income on housing costs.

Read More at Longview News-Journal

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