Construction on a 302-unit apartment complex in north Fort Worth is set to begin by March 15 after the project secured $37 million in financing through the Texas Department of Housing and Community Affairs.
The funding includes a loan of up to $23 million derived from mortgage revenue bond proceeds and an allocation of housing tax credits to generate an additional $14 million. The package will pay to build the Decatur-Angle Apartments, an affordable rental property at the northeast corner of Old Decatur Road and Angle Avenue.
The project is a partnership between the Fort Worth Housing Finance Corp., which will serve as general partner, and the NRP Group of San Antonio. NRP Group also partnered with the Housing Finance Corp. on the development of 54 homes in Terrell Heights on the near southeast side.
In August, the city approved a $1 million grant for the Decatur-Angle Apartments. The development will have 302 one-, two-, three- and four-bedroom units that will be rented to households earning at or below 60 percent of the area median income, which is $39,480 for a family of four.
The project is expected to increase housing options for low-income tenants, the state agency said.
“The Department recognizes Fort Worth’s tremendous need for affordable rental housing, and today’s announcement will help expand housing options for the city’s growing population of young working families and retired residents,” Tim Irvine, executive director of the Texas Department of Housing and Community Affairs, said in a statement issued Monday.