Tax-exempt bond & 4% LIHTC
Structuring new-construction and acquisition-rehabilitation communities financed with tax-exempt bonds and 4% Low-Income Housing Tax Credits, with interim TEL construction financing and Freddie Mac permanent take-outs.
Sponsor profile & development portfolio
Affordable and workforce multifamily development across Texas
Legacy Multifamily Development, LLC is a Texas-based multifamily sponsor and co-developer led by owner Jack Traeger, structuring tax-exempt bond, 4% LIHTC, and Public Facility Corporation communities for family and senior renters.
- 14,207
- Units
- $859.3M
- Financed
- 63
- Properties
- 25+
- Years
The sponsor
25 years of closing affordable housing in Texas
Jack Traeger has been involved with over 14,000 units and $900 million in real estate developments in various roles and increasing responsibilities, maintaining a focus on integrity and innovative solutions throughout the development process.
His career spans development, finance, construction, acquisition, and management. He previously worked with one of the top four national housing developers, later becoming their development partner, and was a founding member and CFO of a regional affordable housing management group with approximately 12,000 units under management across the southern United States.
That range is the point. Legacy Multifamily Development is run by someone who has sat on the compliance side, the construction draw side, and the ownership side of the same deal.
Jack Traeger
Owner, Legacy Multifamily Development, LLC
Capabilities
What we structure
Every community Legacy sponsors is built on one of a handful of proven affordable housing capital structures.
Public Facility Corporation (PFC)
PFC-structured mixed-income communities, including investment-grade Essential Function Bond issuances in partnership with public housing authorities and public investment REITs.
Co-development & sponsorship
Joint ventures with experienced regional and national developers, including Cohen-Esrey and RISE Residential, serving family and senior renter populations.
Construction financial management
Draw administration, lender reporting, and construction financial management carried across more than a dozen new-construction communities before moving into ownership roles.
Featured developments
Communities sponsored as co-developer and owner
Three new-construction communities in Fort Worth, Denton, and San Marcos, totalling 761 units and $158.7 million in bond and debt financing.
Riverside Heights
- Units
- 264
- Closed
- 2020
- Financing
- 4% LIHTC / TEL Bonds
- Bond & debt
- $55,000,000
Legacy Denton Apartments
- Units
- 264
- Closed
- 2022
- Financing
- 4% LIHTC / TEL Bonds
- Bond & debt
- $47,000,000
Heritage at Cottonwood Creek
- Units
- 233
- Closed
- 2024
- Financing
- PFC / Freddie Mac
- Bond & debt
- $56,700,000
- 14,207
- Total units
- $859.3M
- Bond & debt financing
- 63
- Properties
- 25+
- Years of experience
Who we work with
Built for partners who need a Texas sponsor
Developer partners
Regional and national developers looking for a Texas co-sponsor who can carry the bond, LIHTC, and PFC structuring alongside them.
Lenders & bond underwriters
A sponsor with a 25-year, $859.3M closing history across tax-exempt bond, Freddie Mac, and direct-loan executions.
Housing authorities & PFCs
A private partner experienced in Essential Function Bond and PFC structures serving family and senior renter populations.
Land sellers & brokers
Sites in Texas markets suited to 200+ unit new-construction affordable and workforce communities.
Joint venture partners to date include Cohen-Esrey and RISE Residential, alongside a public investment REIT, a local Public Housing Authority, and local investors.
In the press
“I like the area; it seems to be growing. I actually have some relatives that went to school at Texas State so I got familiar with it at one point in time and kind of grew attracted to it.”
New multifamily development coming to San Marcos
The project is being developed by Legacy Multifamily Development, LLC, and Cohen-Esrey Development Group, LLC.
Footprint
One state, known cold
Legacy Multifamily Development builds in Texas and only in Texas. The three sponsored communities sit in Fort Worth, Denton, and San Marcos. Jack's wider property involvement reaches another 20 Texas markets, from Amarillo to Cameron County.
That concentration is deliberate. Bond allocation, PFC structures, and housing authority relationships are state-specific, and a sponsor who has closed 63 properties inside one state is worth more to a partner than one spread thin across ten.
Site & deal criteria
What we are looking for
If you are holding a site, an allocation, or a deal that fits this box, that is the conversation we want.
- Markets
- Texas statewide. Closed communities in Dallas-Fort Worth, Denton, and San Marcos, with wider property involvement in Austin, Houston, Amarillo, and the Rio Grande Valley.
- Community size
- 200 to 300 units
- Project type
- New construction, and acquisition-rehabilitation
- Financing structures
- Tax-exempt bonds with 4% LIHTC, Public Facility Corporation (PFC), Essential Function Bonds, 9% LIHTC
- Populations served
- Family and senior renters, affordable, workforce, and mixed-income
- Our role
- Co-developer and sponsor alongside a regional or national developer partner, or as sponsor with a housing authority or PFC
Questions
Frequently asked questions
Who is Jack Traeger?
Jack Traeger is the owner of Legacy Multifamily Development, LLC, a Texas-based affordable and workforce multifamily development sponsor. Over more than 25 years in real estate development, finance, construction, acquisition, and management, he has been involved with 14,207 units and $859.3 million in bond and debt financing across 63 properties. He holds a B.B.A. in Finance and Real Estate from Baylor University and has been a Certified Public Accountant since 1990 (currently inactive).
What does Legacy Multifamily Development do?
Legacy Multifamily Development, LLC is a Texas-based multifamily sponsor and co-developer of new-construction and acquisition-rehabilitation affordable and workforce housing communities. The firm partners with experienced regional and national developers to structure tax-exempt bond, 4% LIHTC, and Public Facility Corporation (PFC) financed communities serving family and senior renter populations.
Where does Legacy Multifamily Development build?
Legacy Multifamily Development builds across Texas. Completed and current communities are located in Fort Worth, Denton, and San Marcos. Jack Traeger's wider property involvement spans Dallas, Austin, Houston, Amarillo, Plano, Garland, Midland, and other Texas markets, along with properties in Oklahoma, Arizona, and Florida.
What financing structures does Legacy Multifamily Development use?
The firm structures communities using tax-exempt bonds with 4% Low-Income Housing Tax Credits, Public Facility Corporation (PFC) structures, investment-grade Essential Function Bonds, 9% LIHTC, and direct loans. Construction is typically financed with interim TEL construction financing followed by a Freddie Mac permanent take-out.
Who does Legacy Multifamily Development partner with?
Legacy Multifamily Development co-develops in joint ventures with experienced regional and national developers including Cohen-Esrey and RISE Residential, and has partnered with a public investment REIT, a local Public Housing Authority, and local investors on Public Facility Corporation transactions.
How do I contact Legacy Multifamily Development about a partnership?
Developers, lenders, housing authorities, land sellers, and co-sponsors can reach Jack Traeger, Owner, through the partnership inquiry form on the Contact page at legacymultifamily.net/contact/. Messages go directly to Jack.
Partner with us
Let's build the next community together
Legacy Multifamily Development is always seeking experienced partners, lenders, and co-sponsors for our next affordable and workforce housing community in Texas.