Luxury apartment building in Fort Worth aims to reimagine affordable housing
A new apartment complex in Fort Worth aims to make a dent in the affordable housing crisis in North Texas, as people deal with skyrocketing home values and increases in rent.
The Clifton Riverside Apartments just opened at the end of March.
Rents range from $485 to $1,800 a month, depending on the floor plan and the tenant's income.
"The demand at Clifton has been incredible," said Matt Gillam, managing partner of Overland Property Group, which developed the complex. "It's been exactly what we thought it'd be, and so I think that really speaks to the need."
Census data shows more than half of renters in Fort Worth are cost-burdened by housing.
"Whether it's our low-income residents or people who are our teachers, police officers, nurses, even, they are finding it challenging to find housing that doesn't take up a lot of their income," said Kacey Bess, the director of the City of Fort Worth's Neighborhood Services Department. "And so it's definitely a need and one that as more people continue to come to the city of Fort Worth, we don't see that going away."
That's why the city helped secure tax credits and funding for developers to bring this project to life. Bess says they will continue to look at the best ways to use incentives to build more affordable housing in the area.
Clifton Riverside is a mixed-income, high-end complex.
"Whether you are in a luxury unit or workforce unit or a low-income unit, they're the same," Gillam said.
Seventy-nine of the 94 units are reserved for those making 30 percent ($21,420 for one person and $30,570 for a family of four) to 60 percent ($42,840 for one person and $61,140 for a family of four) of the area median income. The remaining 15 units are offered at market rate.
"It helps the perception of the neighborhood, the vitality of the neighborhood when you're bringing in mixed-income residents and not just concentrating people who are at a lower income or impoverished thresholds," said Bess.
New resident Sara Duckett works full-time as a customs entry writer, but she's had a hard time finding somewhere safe and affordable for her and her two children to live.
"I was looking at houses, apartments, everything," she said. "I never would have thought that something like this would be available to me."
Duckett says her children love the complex amenities and the proximity to the Trinity River.
"So it's just been a wonderful experience," said Duckett. "An upgrade from the lifestyle that we had before, and I'm able to do it on my own. And they think I'm a superhero, so I'm just so thankful and grateful for the opportunity to be able to live here."
The completion of the complex was made financially possible by TDHCA, the City of Fort Worth, Fort Worth Housing Finance Corporation, Fort Worth Housing Solutions, Legacy Bank & Trust, Redstone Equity, JPMorgan Chase, and Bennington State Bank.
"I think the partners that are on this project with us from the city all the way on down, having those kind of shared goals of not just providing the housing, but that being hopefully a catalyst for the area is key," Gillam said. "It also creates that diverse community where all of your neighbors come from different jobs, different backgrounds, different opportunities."
The city contributed $1 million worth of federal funding and $1 million through the Fort Worth Housing Finance Corporation to the project.
Clifton Riverside secured Low-Income Housing Tax Credits (LIHTC) through the Texas Department of Housing and Community Affairs 9% competitive allocation round in 2021. This competitive funding resulted in an annual allocation of tax credits in the amount of $1,725,000 for a 10-year period. Those credits brought $15,005,999 in equity from JP Morgan Chase. The credits are governed by the Internal Revenue Service code in section 42 and distributed to the states to allocate.