Nacogdoches County to turn over two housing properties to major investor

NACOGDOCHES COUNTY, TX (KTRE) - A major investor wants to clear up a cloud of uncertainty over government housing in Nacogdoches.

Families at Eastwood Terrace and Oak Hill Plaza HUD housing complexes have known for quite a while: the aging properties are up for sale.

They're learning now, changes could come soon.

Oak Hill Plaza and Eastwood Terrace are usually in the news because of its problems.

The Nacogdoches County Industrial Trust is the owner dealing with the money pits.

"Those properties were developed and built in the late 1960's. They have a lot of age on them. We're very interested in making sure that we sell the property to somebody that their intent is to rehabilitate the property," said Stan Sisco, Nacogdoches County Industrial Trust chair.

The pending contract is with  Affordable Housing Group, a company in the business of buying older HUD properties and turning them into value.

"By seeking projects that are 30-40 years old, some cases older and that are in bad need of rehabilitation and either reconstruction or rehabilitate them to bring them up to current standards," said buyer Lee Zieben.

Lee Zieben says a partnership with the largest non-profit service provider in the state will offer after school tutoring programs and adult services to residents.

"To help some of these tenants and try to get them off their feet and provide them with training they can use for jobs," said Zieben.

The trust has tried to offer the same kinds of amenities, but not as successfully as volunteers would have liked.

The housing corporation points out there have been some successes. For instance, at Oak Hill Plaza the property is bought and paid for.

That means the property sale will have a larger return.

"We'll still use that money to the benefit of the community," said Sisco.

The trust is confident the buyer will keep the residents in mind.

Zieben's contractor is the NRP group, one of the largest firms in the nation with 23 projects currently underway in Texas.

In addition, Zieben will bring in a new management firm experienced at Section 8 housing.

Within the last hour, the Nacogdoches City Council took steps so the developer can continue tax credits application.

Zieben was in attendance.

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