AboutFishPondDevelopment LLC
FishPond Development is a multifamily developer and investor of affordable housing founded by David Fournier in 2017. In its first year, FishPond received its first two 9% Low-Income Housing Tax Credit (LIHTC) awards from the Texas Department of Housing and Community Affairs: FishPond at Cuero, a 48-unit senior community in Cuero Texas, and FishPond at Portland, a 60-unit senior community in Portland, Texas.
Both properties were successfully completed and well received by the communities. In 2021, the Company completed and stabilized another 48-unit senior affordable LIHTC community in Huntsville, Texas.
FishPond recently completed construction of FishPond at Corpus Christi, an $18 million, 112-unit senior community in Corpus Christi, Texas.
The development was financed using tax exempt bonds, 4% LIHTC, and a Section 8 housing subsidy. The development, which has a complicated multi-layered financing structure, received tremendous community support as it relocates senior and disabled residents from an existing 1920’s structure in poor condition and functionally obsolete to a new four-story over podium Class A building.
FishPond recently broke ground on a 69-unit multi-story senior housing community in Alice Texas on the site of former Alice Hospital.
The Alice Hospital sat vacant for 20+ years after several failed attempts at renovation or demolition. The total development budget for FishPond Alice is $12 million.
Both properties were successfully completed and well received by the communities. In 2021, the Company completed and stabilized another 48-unit senior affordable LIHTC community in Huntsville, Texas.
FishPond recently completed construction of FishPond at Corpus Christi, an $18 million, 112-unit senior community in Corpus Christi, Texas.
The development was financed using tax exempt bonds, 4% LIHTC, and a Section 8 housing subsidy. The development, which has a complicated multi-layered financing structure, received tremendous community support as it relocates senior and disabled residents from an existing 1920’s structure in poor condition and functionally obsolete to a new four-story over podium Class A building.
FishPond recently broke ground on a 69-unit multi-story senior housing community in Alice Texas on the site of former Alice Hospital.
The Alice Hospital sat vacant for 20+ years after several failed attempts at renovation or demolition. The total development budget for FishPond Alice is $12 million.
OurImpact
As a multifamily developer and investor of affordable housing, we have made significant strides in addressing the growing affordable housing crisis. Our work is closely tied to the Community Reinvestment Act (CRA), a federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
The Low-Income Housing Tax Credit (Housing Credit) is our nation’s primary tool to produce and preserve affordable rental housing. It has financed the development of 3.6 million affordable homes since its inception in 1986. While the Housing Credit finances virtually all new affordable housing, the CRA motivates the vast majority of these investments. In 2021, total Housing Credit investment reached $22.4 billion, an estimated 84.8% – or $19 billion – of which came from banks motivated by CRA requirements.
The Low-Income Housing Tax Credit (Housing Credit) is our nation’s primary tool to produce and preserve affordable rental housing. It has financed the development of 3.6 million affordable homes since its inception in 1986. While the Housing Credit finances virtually all new affordable housing, the CRA motivates the vast majority of these investments. In 2021, total Housing Credit investment reached $22.4 billion, an estimated 84.8% – or $19 billion – of which came from banks motivated by CRA requirements.
OurCommitment
We understand the critical role that CRA plays in driving Housing Credit investment. The influence of CRA on Housing Credit investment can be seen in Housing Credit pricing, which determines the amount of equity invested into Housing Credit properties. As a result, properties with low CRA demand can receive 20% less equity for the same amount of Housing Credits as properties with the highest CRA demand, rendering many properties with low CRA demand financially infeasible.
At FishPond Development, we are dedicated to providing affordable housing to all communities, especially those with the highest need. Our approach is guided by our understanding of the interconnectedness of CRA and Housing Credit investment, and we strive to maximize the benefits of these tools to serve our communities better.
At FishPond Development, we are dedicated to providing affordable housing to all communities, especially those with the highest need. Our approach is guided by our understanding of the interconnectedness of CRA and Housing Credit investment, and we strive to maximize the benefits of these tools to serve our communities better.
meet the team
David Fournier
Principal
Quinn Gormley
Principal
Lisa Vecchietti
Development
Chele Robinette
Development Assistant
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