Mid City Times

The City Council has approved the submission of vetted applications from seven developers for consideration for federal tax credits. These tax credits are intended to support the creation of affordable housing for low- to moderate-income households. The developers will now compete with other planned projects in the DFW region for the highly sought-after 9% Low-Income Housing Tax Credits.

If awarded, the developers will have the opportunity to sell the tax credits to investors, using the funds to offset the cost of providing affordable units at various income levels. Meanwhile, the investors can then use these tax credits to offset a portion of their federal tax liability.

The proposed projects are spread across several council districts in the city. In Council District 4, there is the Huntington Place Senior Living Parkwood Hill, a 90-unit project located at 5601 Basswood Blvd. Council District 5 boasts the Hughes House III, a 78-unit project situated at Rosedale and Etta streets. Council District 6 presents the Delara Chase, a 116-unit project at 4805 Altamesa Blvd. Council District 8 includes the Sycamore Senior Living, an 88-unit development at 1651 Sycamore School Road. Council District 9 features two projects: Georgian Oaks, a 100-unit senior living development at 210 E. Seventh St., and Maren Grove, an 89-unit development at 801 W. Shaw St. Lastly, Council District 11 presents the Lofts at Redwood, an 88-unit development at 5008 Collett Little Road.

These applications are due to the Texas Department of Housing and Community Affairs (TDHCA) by March 1. The agency will then carefully review and evaluate the applications before making their decision. The housing tax credits will be awarded in July.

The City Council is optimistic about the impact these developments will have on the community. By providing affordable housing options, they aim to improve the lives of low- to moderate-income households in the city. These developments will contribute to the overall growth and diversity of the housing market.

As the city continues to prioritize affordable housing, it is crucial to secure federal tax credits to support these initiatives. The competition for these tax credits is fierce, but the city believes in the strength of the proposed projects and the positive change they can bring to the community.

In summary, the City Council has approved the submission of vetted applications from seven developers for consideration for federal tax credits. These projects aim to create affordable housing for low- to moderate-income households. The developers will compete with other planned projects in the DFW region for the 9% Low-Income Housing Tax Credits. If awarded, the tax credits will be sold to investors, who will use them to offset a portion of their federal tax liability. The applications are due to the TDHCA by March 1, and the housing tax credits will be awarded in July.