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Haverstock, Houston, TX

The Reliant Group manages a fund which acquired all of the tax exempt bonds securing 868 units of multifamily housing in two separate properties located in Houston, Texas, in July 2002.

After purchasing the bonds, The Reliant Group replaced the insolvent borrower, remedied the HUD enforcement action, replaced management and advanced several million dollars to complete a major rehabilitation of both properties resulting in lower operating cost and improved tenant profiles.

In addition, Reliant created a park, built a playground for children, added basketball courts, installed a computer learning center, refurbished the community center and hired a social service director. Offering social services has reduced crime, improved security and built a sense of community at Haverstock.