(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced that it will help finance the construction of an affordable rental property in Fort Worth, increasing the housing options of area low-income tenants while adding momentum to the local economy. 

TDHCA awarded a financing package totaling $37 million to private developers constructing the Decatur-Angle Apartments, a 302-unit complex proposed to be built near the intersection of Old Decatur Road and

Angle Avenue.

The package includes a loan of up to $23 million derived from mortgage revenue bond proceeds as well as an allocation of housing tax credits, the sale of which is expected to generate an additional $14 million in equity financing for the development.

In addition to the bond and tax credit financing, the City of Fort Worth is also contributing a $1 million loan demonstrating its support for this public/private initiative. 

“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,” said TDHCA Executive Director Tim Irvine. “Besides providing residents a greater choice in deciding where to live, the entire community will also benefit from this award through construction payroll salaries and local purchases that help keep the local economy healthy.”

The Decatur-Angle Apartments will serve households whose annual income does not exceed 60 percent of the area median family income, which for Fort Worth equals $39,480 for a family of four. 

In addition to a lower rent, properties funded though mortgage revenue bonds and housing tax credits also provide supportive services designed to foster self-sufficiency among young families or promote a healthy environment for older tenants.