With the construction complete, the city has\u00a0approved permanent financing<\/a>\u00a0with a lower rate than construction financing.<\/p>\n Mindy Cochran, the executive director of the Arlington HFC, said the complex is nice, new and not what many people may think of when they hear about affordable housing.<\/p>\n \u201cHFC hasn\u2019t done a ton of these types of projects,\u201d Cochran said. \u201cThis one is nice because it\u2019s for seniors and we need affordable housing for seniors. It\u2019s a nice location. They\u2019ve got a community garden and lots of activities for seniors as well.\u201d<\/p>\n Pre-leasing started in 2023 but the project was completed this year, with the website already listing its one-bedroom and two-bedroom offerings at $998 and $1,189 a month, respectively.<\/p>\n Those prices are more affordable than most comparable apartments because of those tax credits and an exemption from regular property taxes, according to the Arlington HFC.<\/p>\n But anyone looking to lease an apartment there now will have to wait a while.<\/p>\n \u201cAs soon as individual buildings got a certificate of occupancy, they started leasing them,\u201d Cochran said. \u201cIt is fully leased now.\u201d<\/p>\n She emphasized that this project, while it involved oversight from city, state and federal agencies, was a local effort.<\/p>\n People worried about\u00a0traveling housing finance corporations<\/a>\u00a0like those that have bought property in Arlington should keep in mind that the apartments were constructed with approval from the city council, Cochran told KERA News.<\/p>\n \u201cA lot of people have a perception of what affordable housing looks like and I would encourage people to go out and look at this housing development,\u201d Cochran said. \u201cIf I was in the income bracket, that\u2019s some place I could live and I\u2019d be happy to live there. It\u2019s a beautiful development.\u201d<\/p>\n \n\tRelated\n<\/p>\n Fort Worth Report is certified by the Journalism Trust Initiative<\/a> for adhering to standards for ethical journalism.<\/p>\n Republish This Story<\/p>\n
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