Four future affordable housing developments in Fort Worth have been received US$2 million each in tax credits from the state’s public housing authority.
The grants, announced on Thursday, provide a powerful incentive for developers to move forward with their projects, which, upon completion, would provide welcome financial relief to a growing segment of the city struggling to pay rent.
“The Housing Tax Credit Program serves as a crucial enabler in making affordable housing available to working families, seniors and people with disabilities,” Texas Department of Housing and Community Affairs Executive Director Bobby Wilkinson said in a statement.
The agency distributed about $97 million in tax credits to 63 rental projects across the state.
Fort Worth received subsidies for four of seven developments supported by its City Council. Read more about the four projects below.
Georgian Oaks
Austin-based developer O-SDA plans to convert the vacant cubicles and meeting rooms of the historic Binyon-O’Keefe warehouse into 95 subsidized rental units for seniors.
The property, a six-minute walk from Sundance Square, spans 0.67 acres. O-SDA submitted early drafts of the project to Fort Worth planning officials for review in February.
Maren Grove
O-SDA plans to build another tree-themed apartment complex about five miles south of the city center. Maren Grove promises 90 affordable units next to the convent of the Sisters of St. Mary of Namur on Hemphill Street.
Last month, developers requested a “certificate of appropriateness” from the city’s Historic and Cultural Landmarks Commission to build the complex across from the Victory Arts Center. The commissioners unanimously denied his request.
Delara Chase
The state will help fund a separate O-SDA project along Altamesa Boulevard in Wedgwood. Only 6 of Delara Chase’s 116 units will be rented at market rates; the rest will go to low-income families.
Another apartment complex (owned by another company) currently occupies the proposed development site. It is unclear whether the existing buildings will be repurposed or rebuilt.
Hughes III House
The third phase of the sprawling Hughes House development at Stop Six added $2 million in Texas funding to tens of millions in federal support was guaranteed in 2020.
Developer McCormack Baron Salaza and Fort Worth Housing Solutions, the city’s public housing authority, paved the way in the project’s first units in September 2021 and welcomed its first residents last fall.
Hughes House will total about 1,000 units upon completion, more than tripling the residences offered by its predecessor, Cavile Place.
