Brownsville-Harlingen, Texas, August 9, 2023 – In partnership with the Brownsville Housing Opportunity Corporation (BHOC), an extension of the Housing Authority of the City of Brownsville (HACB), Hunt Capital Partners announced the closing of $13.6 million in Federal Low-Income Housing Tax Credit (LIHTC) and $11.3 million in Federal and State Historic Tax Credit (HTC) financing for El Jardin Apartments. Located in Brownsville, TX., El Jardin Apartments is the acquisition and historic adaptive reuse of the eight-story El Jardin Hotel into quality affordable housing for low-income families in the Rio Grande Valley. The project will repurpose the vacant building to create 44 affordable homes for families earning up to 30%, 50% and 60% of the area median income.

Originally constructed in 1927, the historic El Jardin Hotel once represented a symbol of luxury in South Texas, having hosted American luminaries from Howard Hughes and Joan Crawford to Charles Lindbergh and Amelia Earhart. Over the years, the hotel fell victim to the decline of the surrounding area and was eventually shut down in 1980. The once premier hotel stood empty for over 40 years after numerous failed attempts to restore the building back to its former glory. However, in the face of the Brownsville-Harlingen metropolitan area’s high poverty rates, BHOC’s adaptive reuse of the historic structure promises to reclaim its former glory and serve as a beacon of change. Today, a staggering 29% of Brownsville households rely on food stamps, while over 35% of residents live below the federal poverty line. Given these challenging circumstances, El Jardin Apartments is positioned to address the significant need for affordable housing among South Texas’ most vulnerable families.

“The El Jardin Hotel once represented prosperity and opportunity, not just for Brownsville, but for the whole South Texas region,” said Dana Mayo, Executive Managing Director of Hunt Capital Partners. “We are thrilled to collaborate with BHOC to revitalize this historic landmark and transform it into quality affordable housing for Brownsville residents.”

Upon completion, El Jardin Apartments will offer:

  • A mix of 16 one-, 19 two- and 9 three-bedroom LIHTC units equipped with Energy Star-qualified appliances and LED-light fixtures to promote energy efficiency and cost savings.
  • A ground floor containing commercial space, the management office and amenities including a fitness center, library, computer lab, community room and garden area.
  • Free resident services including annual health fairs, quarterly nutrition courses, bimonthly arts and crafts activities, weekly exercise classes, and more.
  • Residents will also have access to programs, such as BiblioTech, an all-digital library; a quarterly children’s reading club; a Road to College program; a family self-sufficiency program; and a Youth Leadership and Internship program.

To ensure that Brownsville residents have access to quality housing, El Jardin Apartments will serve as replacement housing for the current residents at Victoria Gardens, another HACB-owned property. The Housing Authority of the City of Brownsville will transfer the Public Housing assistance from Victoria Gardens to El Jardin Apartments by converting into the Rental Assistance Demonstration (RAD) program a long-term Section 8 Housing Assistance Contract. Victoria Gardens is an existing 46-unit public housing property built in 1940 and is located approximately 1.5 miles from the El Jardin Apartments.

“The El Jardin will be the catalyst for the Brownsville Downtown District, where there are multiple, local investment and development strategies in place to direct investment to this historic area of Brownsville, while also preserving affordable housing opportunities,” said Carla Mancha, Chief Executive Officer for the HACB and BHOC. “Residing at El Jardin will afford families proximity to amenities that will assist them in their goals to self-sufficiency.  On behalf of BHOC, I sincerely thank Hunt Capital Partners and all our stakeholders for helping us, help our families.”

To make the dream of El Jardin Apartments a reality, Brownstone Residential, Ltd., will serve as the property manager; Leslie Holleman of Holleman Associates will serve as development consultant; BHOC will serve as general contractor; Rosin Preservation will serve as historic preservation consultant and Origo Works, Ltd., will serve as the project architect.

Hunt Capital Partners facilitated the Federal LIHTCs, as well as the Federal and State HTCs, through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 48. Bank OZK provided $18.7 million in a Construction Loan; Legacy Bank provided $1.4 million in a permanent loan; and Brownsville Housing Opportunity Corporation provided a $4,550,000 GAP loan.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit, or for Hunt, please visit