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Fort Worth Receives $8 Million in Tax Credits to Address Affordable Housing Crisis
New Developments Include Senior Living and Family Communities to Help Close 23,000-Unit Gap
According to CBS News, Fort Worth has received a boost in addressing its affordable housing needs with $8 million in tax credits part of a larger $95 million initiative by the Texas Department of Housing and Community Affairs. This funding will support the development and renovation of 63 rental properties across the state with eleven projects set for North Texas. Amy Connolly assistant director of Fort Worth Neighborhood Services highlighted the city’s struggle with rapid growth. “It’s a big issue for all cities” she said noting that Fort Worth is particularly impacted by the booming population and business sector. Despite ongoing construction of apartments and single-family homes the city is failing to keep up with the increasing demand for affordable housing.
Currently, Fort Worth faces a shortage of around 23,000 affordable housing units. This gap affects a wide range of income levels from those earning about $50,000 annually to those with no income at all. To help bridge this gap Fort Worth is supporting four new developments each awarded $2 million in housing tax credits. Alice Cruz project manager at O-SDA Industries underscored the importance of these credits. “It’s one of the biggest tools to get affordable housing built,” she said. O-SDA Industries plans to convert the former Binyon-O’keefe building downtown into a 95-unit senior living facility. They will also renovate an existing apartment complex on Altamesa Blvd to remain affordable for at least 30 years.
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Fort Worth Secures $8 Million for Affordable Housing: New Senior, Family, and Preschool Projects Planned (PHOTO: Yahoo News Canada)
Former Arts Center to Become 90-Unit Family Community; Major Redevelopment in Stop Six to Replace Cavile Place
Additionally, the former Victory Arts Center on W Shaw Street will be redeveloped into a 90-unit family community with a new preschool program. Cruz believes this will benefit not only the residents but also the broader neighborhood. Fort Worth Housing Solutions will use the tax credits for a major redevelopment project in the Stop Six neighborhood. The project will replace the former Cavile Place public housing with new apartment buildings. Connolly emphasized the need for inclusive growth. “We want to ensure a thriving economy that includes people of all incomes and households,” she said. Although none of these projects have started yet Fort Worth hopes to see approximately 400 new affordable housing units added to the city within two years.
READ ALSO: Rent Relief Now: Nebraska’s New Bill to Bring Financial Freedom to Renters
