Developers eyeing Wolfforth for Tax Credit Housing

Developers eyeing Wolfforth for Tax Credit Housing

On Monday night, four different development groups took the floor for a called

Wolfforth City Council meeting to present their proposed tax credit housing projects.

Each group was given 15 minutes to outline their projects and answer questions from

the Council.

State Street Housing presented a plan for one, two and three bedroom units in a three

story building to be located 1100 feet south of the intersection of 12th street and Flint.

This property is currently located outside the city limits and would require annexation.

Flint Street would be extended along with sewer and water to the 6 acre site. This

project would include 96 units with approximately 10% of those being rented for market

rate with no income qualifications.

Paladium plans to be long-term owners of their proposed property located at the corner

of 66th and FM 179. This 6.4 acre track would have 130 units in a 3 story configuration.

The location is currently zoned R1 and would require a zone change to allow multi-

family. The “hard-corner” of 66th Street and FM 179 would be left open for future

commercial development.

Brett Johnson with Overland Property Group began his talks with the City of Wolfforth

in November, 2014 and already has the Council’s resolution of support. Their site would

be located in Preston Trails which is zoned as a planned unit development for mixed

single family, multi-family and light commercial. No zoning change would be required

to allow this project to proceed. The 10.269 acre track, located just off Alcove and north

of Preston Trails, would contain 100 tax credit units and 40 market rate units in a two

story configuration, which takes into account the current apparatus of the Wolfforth

Fire Department.

Stellar Development plans a 96 tax credit unit complex north of Outerwear USA, just off

Donald Preston Drive. The three story structure would be a similar architectural style as

Texas Tech University to blend with a proposed commercial development just to the

west of their location. Last year, Stellar submitted 5 applications through the tax credit

housing program and four of those projects were approved around the state.

The Housing Tax Credit Program directed by the Texas Department of Housing and

Community Affairs is designed to direct private capital to the development of affordable

housing for income qualified families. The state is divided into Regions with Wolfforth,

Lubbock and Amarillo making up Region 1 Urban. Funds are awarded based on a point

system. The resolution of support of the Wolfforth City Council is only one means of

gaining points needed for the Developers to be awarded funding. TDHCA will award one

project in Region 1 Urban in July 2015. For more information about the Housing Tax

Credit Program or the Texas Department of Housing and Community Affairs, visit www.tdhca.state.tx.us