$25.2M Affordable Community to Open in Texas
AMTE is developing 160 units of affordable housing in Fort Worth, Texas. Construction is set to begin in spring 2015 on Avondale Apartments, valued at $25.2 million.
By Robin Nathanson, Associate Editor
Fort Worth, Texas– AMTEX, an affiliate of AMCAL, is developing 160 units of affordable housing in Fort Worth, Texas. Construction is set to begin in spring 2015 on Avondale Apartments, valued at $25.2 million.
The development, located at Avondale Haslet Road and Route 287, will have amenities such as a swimming pool, outdoor grill, play areas, landscaped walkways and seating areas. Residents will also have the use of a clubhouse with kitchenette, lounge, activity rooms and a community services area offering free computer training, health nutrition programs and social activities.
One-, two- and three-bedrooms units will be available. Each unit comes with energy-efficient dishwashers and garbage disposals, plus connections for washers and dryers.
The KTGY Group-designed project will set aside 144 units for families making between 30 percent to 60 percent of area median income.
“We are grateful to be able to bring our years of experience in building high quality affordable housing to the Fort Worth market.” says Percival Vaz, AMCAL’s chief executive officer. “The supply of new affordable housing in many areas of our country is critically low. We appreciate the hard work of our debt and equity partners to make Avondale Apartments possible.”
Avondale Apartments received $15 million in 9 percent tax credits awarded by Texas Department of Housing & Community Affairs (TDHCA). The Fort Worth Housing Authority will provide rental assistance to 25 households. Additional funding is provided by Hudson Housing Capital LLC and Community Bank of Texas.
