SAN ANTONIO (GlobeSt) – USAA has inked a $400 million joint venture (JV) deal with Gables Residential so that the Atlanta-based REIT can fund advancements in its development pipeline.  “We have a partner in USAA that has similar investment goals and the financial strength and experience to allow us to continue our development program of delivering high quality communities in our core markets,” said David Fitch, Gables president and CEO.  The JV will develop Class-A multifamily properties at select urban infill sites. So far, the JV has successfully closed on three stabilized properties, two of which are in Texas. Development has begun on Gables Fairmount, a 333-unit Class-A apartment project in Dallas, and Gables Bering, a mixed-use development in Houston offering 306 apartments and 11,200-sf of retail.  “This venture represents a unique opportunity to strategically add premier multifamily assets to our portfolio of investments,” said USAA Real Estate Company chairman and CEO Pat Duncan. “We look forward to building a strong relationship with the Gables team and engaging in future opportunities.”

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DALLAS (Dallas Business Journal) – The Texas Department of Housing and Community Affairs is offering $45 million to consumers through its first-time homebuyer program.  “Despite all the negatives we hear from other states, the fact is that the Texas economy — and the demand for homeownership — both remain quite healthy,” said Michael Gerber, executive director of the state agency. “Many families want and are ready to take that exciting step toward homeownership, and TDHCA wants to help them achieve their dreams through safe, reliable lending products offered through the state, coupled with responsible homebuyer education.”
The Texas Mortgage Credit Program will help reduce borrowers’ tax liability by offering a credit in exchange for taking a certified homebuyer education class. Homebuyers could save up to $2,000 in annual taxes.

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