THE RESIDENCE AT LAMAR
The Residence at Lamar in Wichita Falls, TX, has won a 2021 Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category.
The Residence at Lamar, developed by Overland Property Group, is the adaptive reuse and renovation of a historic, four-story building constructed in downtown Wichita Falls, TX. The property provides 30 homes for seniors earning 30%, 50% and 60% of the Area Median Income (AMI), and features 24 one-bedroom homes and six two-bedroom homes. The 9 percent Low-Income Housing Tax Credit (Housing Credit) was used to finance the property, with syndication provided by Midwest Housing Equity Group.
Located in Wichita Falls and built in 1929, the Residence at Lamar was formerly a furniture store and later home to various other businesses before sitting vacant. Renovating The Residence at Lamar was a major contribution to recent efforts to revitalize the downtown area of the city, starting with revitalizing the building into safe, affordable, and comfortable housing for Wichita Falls’ senior citizens. The development, construction and design teams took considerable efforts to maximize the investment of federal dollars into this development, as the process of repurposing a historic building into affordable housing is more financially challenging in rural areas.
Today, residents benefit from on-site health care and yearly health screenings, an on-site food pantry, and recreational activities such as movie nights and book clubs. Shared amenities include an elevator, leasing office, lounge area, fitness center, beauty salon and chapel/theater room. Apartment amenities include a washer and dryer, ceiling fans in the living room and bedrooms, a refrigerator, stove, dishwasher, garbage disposal, vinyl flooring in the kitchen and bathroom, and carpet throughout. Security features include controlled access and video surveillance. The development also includes 3,500 square feet of commercial space on the main level. Parking for tenants is located on an adjacent surface lot and street parking is available for commercial tenants and their customers.
A once prominent piece of downtown Wichita Falls history was forgotten, vacant and dilapidated. But with collaboration between the developer, syndicator, and federal, state and local officials, The Residence at Lamar was not only brought back to prominence as a historic building, but also took on a new purpose by providing affordable homes to 30 seniors.