Texas' Affordable Housing Tax Credit Program Highlight of Grand Opening

Online, December 20, 2011 (Newswire.com) - Investment Builders, Inc. (IBI), a locally-owned real estate investment, development, and construction company, recently hosted a Meet and Greet to celebrate the grand opening for the Canyon Square Village Apartments located at 8622 North Loop.

The Meet and Greet highlighted how tax credits from the Texas Department of Housing and Community Affairs (TDHCA) program helps El Paso by: 1) keeping rent affordable; and 2) improving the quality of life for eligible families by providing the same amenities typically seen in market-rate apartments. The event also celebrated hundreds of El Paso families moving off the long multi-family waiting lists that have occurred due to the affordable, multi-family housing shortage in El Paso. Guests enjoyed tours of the apartments.

Tom Gouris, Deputy Executive Director for Housing Programs of the TDHCA, attended the Meet and Greet to see first-hand how participation in the tax credit program helps El Pasoans. In 2011, TDHCA issued $10 million in forward commitments across Texas, but no urban or forward commitment was issued for El Paso in 2011.

Ike Monty, President of IBI stated, "We are thrilled to build quality apartments for El Paso families and for TDHCA to see first-hand how meaningful the tax credit program is for our community. We're grateful that Mr. Gouris visited El Paso and confident that by TDHCA seeing first-hand how the program works here in our community, that El Paso will see much more of the housing tax credit program and many more apartments like Canyon Square to meet El Paso's needs in the future."

Canyon Square, featuring 1, 2, 3, and 4 bedroom apartments, is located close to Ysleta High School. The 104-unit apartments have lifestyle features including Energy Star® appliances, clubhouse, fully-equipped fitness center, playground area, swimming pool, and more.

About Investment Builders Inc. Monty has been actively involved in housing developments for over 33 years with over one billion dollars of construction work. In addition, to serving on the JINSA Board of Advisors, Mr. Monty has served on the Texas Affiliation of Affordable Housing Providers. He also serves on the advisory board for First National Bank, Rio bravo Title and the Medical Center of the Americas Foundation. He is a native El Pasoan and holds a BA from the University of Texas at El Paso. For more information on IBI, visit their website at www.ibitoday.com.
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