Phase one of the plan entailed the conversion of 98 HOPE VI apartment units that were in relatively good condition. The second phase was more intensive, requiring major rehabilitation of 294 public housing units across five properties. With the full conversion completed, Williams says the community is pleased with the updates and outcome. “The feedback has been very positive on the product. It’s always challenging to move from place to place,” he said. “However, when the residents have completed the relocation to the finished product, they really love their units and express that it was worth the inconvenience. It has been a big contrast to what they’ve been used to, so I consider it a win-win.” Concurrent Strategy Implementation As its RAD conversion was in motion, HATT’s team was also building a plan for what comes next for the organization. The housing authority plans to use its experience and new skills in development to drive additional revenue through the organization and enhance the work it’s doing for the city. A key piece of this plan involves more development, both in Texarkana USA and outside the area. “Now that we’ve completed the construction and modernization of our current Texarkana clients and have gained valuable experience in the development arena, we realize we have created a very viable revenue stream,” Williams says. “So, we created more instrumentalities to assist other municipalities in need and generate additional unrestricted revenue to create more workforce and affordable housing here at home.” For example, “Texas Home Collaborative would allow us to induce bonds for development deals statewide. Additionally, Village Communities Development Corporation serves as a general partner and general contractor in development deals, to make the actual development deal more robust for someone who wants to invest in building quality and affordable communities. We’re currently doing this statewide, as
well. We recently closed a tax credit development deal in North Texas and have several on deck that we are looking toward bringing to fruition later this year.” Premier Texarkana Development & Management Facility Corporation (Premier Texarkana) is nearing the completion of another local development deal by actively partnering on the Hotel Grim Apartments with Cohen-Esrey. The 93-unit property is renovated out of a former historic hotel and has spurred a revitalization effort in downtown Texarkana, Texas and Texarkana, Arkansas. HATT has also created a 501c3 affiliate through which it plans to offer technical assistance to smaller housing authorities and investors in workforce housing outside the state of Texas (Prime Impact Solutions). Each of these new avenues and the Prime Impact affiliate will combine to contribute something quite valuable to not only Texarkana USA, but the affordable housing industry at large. In addition to the other oppor tunities that the HATT Conglomerate is pursuing, they are also working closely with the City of Texarkana, Texas, the City of Texarkana, Arkansas, HUD, nonprofits, contractors, developers, bankers, and the community to meet our goals and further our mission in providing opportunities for home ownership. In summary, a lot of planning went into developing our present business model and we have been successful in accomplishing all goals and milestones. As we reset the next five-year plan, which picks up from this snapshot in time, one of our goals will be to continue to address “the need” of affordable and workforce housing starting in Texarkana, then in the state of Texas, and ultimately in the entire United States through collaborations by participating on industry grout panels and sharing best practices with like-minded CEOs and professionals,” Williams says. “It’s a continuous process, but as environments change, and as regulations change, so will we... into perpetuity.
18 | Texarkana Community Directory | Spring 2022
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