Fort Worth planning 120-unit apartment development downtown
March 9,2015
Reposted from Fort Worth Business Press
Scott Nishimura
snishimura@bizpress.net
The city’s Housing Finance Corp. and the Fort Worth Housing Authority are teaming up on a planned 120-apartment mixed-income apartment development at 904 E. Weatherford St. downtown.
The Fort Worth City Council on Tuesday approved a $2.2 million forgivable loan from community development block grant funds to the city’s Housing Finance Corp. The HFC would buy the site, a former airport shuttle parking lot, from the Fort Worth Transportation Authority and enter a partnership with the Housing Authority.
The Housing Finance Corp. will enter an option to buy the land from the T, with hopes of closing on the purchase within six months, Cynthia Garcia, the city’s interim neighborhood services director, said. Construction could begin early next year.
The development would include 51 percent affordable, available for rent to households earnig at or below 80 percent of area median income. Ten of the affordable units would be permanent supportive housing, available to low and very low-income tenants.
The convenient location downtown is near the Housing Authority’s Hillside development. That means the two communities could potentially be managed by the same firm, Garcia said.
“Just a great site,” she said.