In the pine-covered rolling hills of East Texas lies a great little town by the name of Jacksonville. Located approximately 106 miles southeast of Dallas, Jacksonville’s population of roughly 14,713 lays claim to being the “Tomato Capital of the World”. The Tomato Bowl football stadium, named “one of the ten best stadiums in Texas” by Texas Monthly Magazine, and the annual Tomato Fest (held the second Saturday in June) prove that Jacksonville residents are proud to honor their heritage!
Long known for its surrounding natural beauty as well as being a hub for local agricultural and manufacturing, Jacksonville was selected by Commonwealth Development Corporation as the perfect location for its new housing development – Mission Village at Jacksonville. When completed, the property will consist of 48 “cottage-style” apartments.
The Mission Village at Jacksonville project will be financed with 9% low- income housing tax credits (“LIHTC’s”), TDHCA HOME Funds, a HUD 221 (d)(4) loan provided by Dougherty Mortgage LLC, and a loan from the Jacksonville Development Corporation. Red Stone Equity Partners will provide the equity for this project.
As Jacksonville continues to experience dynamic growth, Commonwealth, Dougherty Mortgage, and Red Stone look forward to working cooperatively to bring this high-quality, affordable living development onto the market.
The Commonwealth Companies, based in Fond du Lac, Wisconsin, has been aggressively expanding into a variety of regional markets and currently has similar housing developments under construction in multiple areas throughout Texas.