ALPINE, Texas, Aug. 07, 2025 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and AHP Developers, LLC, a subsidiary of Investment Builders, Inc. (IBI) with LIHTC development experience since 1993, have begun construction on Skyway Gardens II, a 44-unit affordable housing development in Alpine, Texas.
Located at 1000 East Lechuguilla Lane just south of downtown Alpine, Skyway Gardens II comprises 11 one-story, quadruplex buildings. Combined, the buildings will include 44 residences: eight one-bedroom, 20 two-bedroom, and 16 three-bedroom garden units. Designed to support local families, the development will include 40 income-restricted residences for households earning between 30% and 60% of the Area Median Income (AMI). In addition, four units will be offered at market rate, helping to meet the community’s broader housing needs.
Skyway Gardens II will be the second phase of the larger Skyway Gardens project, which opened in May 2021. Skyway Gardens, the preceding phase, offers 49 one-, two-, and three-bedroom units, and currently maintains a 40-family waiting list for an available unit.
"We’re proud to provide the critical financing needed to bring Skyway Gardens II to life through the federal Low-Income Housing Tax Credit program," said Anil Advani, Executive Vice President of Originations and Finance at WNC. "This project is a testament to how strategic investment in affordable housing can create long-term value, not only through high-quality, energy-efficient homes, but by delivering vital services and stability to families in underserved communities like Alpine."
Residents of Skyway Gardens II will enjoy thoughtfully designed homes featuring modern conveniences such as a gas range, refrigerator, dishwasher, microwave, in-unit washer and dryer, central air conditioning, ceiling fans, and a blend of carpet and composite flooring. Each unit also includes window blinds, a front porch, an exterior storage closet, and a dedicated carport, creating a comfortable and functional living environment.
The community is equally well-equipped, offering an array of amenities designed to support active, connected lifestyles. These include on-site management, bike racks and storage, a fitness center, playground, clubhouse with a community room, a full community kitchen, and a welcoming covered porch for social gatherings. Residents will also have access to 109 parking spaces, including 44 covered carports and 65 uncovered surface spaces.
In line with its commitment to sustainability, Skyway Gardens II will feature a variety of energy- and water-efficient elements such as LED lighting, insulated windows, and low-flow toilets and faucets, supporting both environmental responsibility and long-term affordability for residents.
As part of its commitment to holistic resident well-being, Skyway Gardens II will offer robust on-site resident services provided by Better Texans Services, Inc. In collaboration with local service organizations, Better Texans will deliver a wide range of free programs designed to support and enrich tenants’ lives, including financial planning workshops, nutritional classes, health screenings, GED preparation, and exercise sessions. Residents will also enjoy arts and crafts activities, transportation assistance, and a vibrant calendar of social events such as potluck dinners, game nights, movie screenings, sing-alongs, and birthday celebrations.
"Skyway Gardens II builds on the success of the original Skyway Gardens community, and we’re excited to expand much-needed affordable housing options in Alpine," said Roy Lopez, Senior Vice President at Investment Builders Inc. "This project is the result of strong collaboration with our partners and a shared vision to create not just housing, but a true community."
The project is being financed through a combination of 9% federal Low-Income Housing Tax Credits (LIHTC) provided by WNC, a $3 million loan from Cedar Rapids Bank & Trust (CRBT), and a construction loan from Sterling Bank.
The project is expected to be completed in December 2026.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
About AHP Developers, LLC
Ike J. Monty is the President of AHP Developers, LLC, which was founded in 2022 solely for the purpose of developing LIHTC affordable housing. Mr. Monty has more than forty years of success in the development and construction industry including leading teams in complex building projects for the Department of Defense (DOD). He is uniquely qualified in all aspects of LIHTC development, including real estate development, real estate financing, estimating, design, engineering, project management, project financing, and property management.
Under Mr. Monty’s leadership, Investment Builders, Inc. has developed over 8,000 housing units.
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