Fort Worth has received $8 million in state tax credits for four affordable housing projects, including Georgian Oaks, Maren Grove, Delara Chase, and Hughes House III, to help address the city’s growing need for affordable housing.
Fort Worth Secures $8 Million in State Tax Credits for Four Affordable Housing Projects – Including Georgian Oaks and Maren Grove
According to the report of the Fort Worth Star-Telegram, four affordable housing projects in Fort Worth have received $2 million each in state tax credits, announced on July 25, 2024. This funding is part of a larger effort to support 63 rental projects across Texas, with Fort Worth getting credits for four of its seven proposed projects. The money will help developers build new homes for people struggling with high rent.
The projects include Georgian Oaks, which will turn a historic storage building into 95 rental units for older adults; Maren Grove, a new apartment complex with 90 affordable units; and Delara Chase, offering 110 affordable units and six market-rate ones. The Georgian Oaks project is located near Sundance Square, while Maren Grove has faced some delays.
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$8 Million Boost: 4 Fort Worth Affordable Housing Projects Receive State Tax Credits – Supporting 375 New Units (PHOTO: Stateline.org)
Hughes House III Receives $2 Million in Tax Credits – Expanding Affordable Housing in Fort Worth with 78 New Homes
The Hughes House III project in Stop Six also received $2 million in tax credits. This phase of the development adds to earlier federal funding and aims to create 78 new homes, with 54 for low-income families. The whole Hughes House project is part of a larger $334 million plan to provide more affordable housing in Fort Worth.
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