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Fort Worth paves way for new affordable housing
80 percent of the homes in Fort Worth are now out of reach for a median income family, according to Mayor Mattie Parker.
FORT WORTH, Texas - Fort Worth took its first step toward a unique affordable housing project on Tuesday.
Old units that once served as living quarters for students at the Southwestern Baptist Theological Seminary could be soon be transformed after a City Council vote on Tuesday afternoon.
"The intent is at some point the city will transfer this property with the idea that it be part of a community land trust and so that is why we are asking for $4 million from [Housing Finance Corporation] along with $7 million from the city to acquire the property," said a city official.
The loan to the HFC was approved by City Council.
The overall goal is, for the first time in city history, to form a partnership with a non-profit group that will create a community of 140 new, modern duplex and larger homes for families who might not otherwise realize the dream of homeownership.
"This is unorthodox for us to loan HFC the $7 million, but this allows us to hold the property and work through what a community land trust would look like, which will take a new partnership for us in philanthropy as well," said Fort Worth Mayor Mattie Parker.
There are no renderings of what the community will look like at this point, as the future non-profit partner has not been selected.
This first step in acquiring the land is considered a major component to a planned community that could give the city direct oversight of the project, rather than relinquishing that power to a developer whose primary interest is typically centered around profit.
Parker noted that 80 percent of the homes in Fort Worth are now out of reach for a median income family.
Councilwoman Elizabeth Beck, whose district includes the project, acknowledged Parker's involvement.
"I want everyone here to know how hard she has worked with our partners to get this across the finish line. I think it’s gone through a lot of different iterations and has not been an easy process, but I think where we are now provides us the most latitude to do what is really lasting and good for our community," she said.
Fort Worth nonprofit hopes to transform abandoned school building into community resource center
The nonprofit division of a local fraternity is working to acquire the abandoned school from the city of Fort Worth. The goal is for a major revitalization and hub of resources for the surrounding southside communities.
This will be the city's first partnership with a community land trust with hopes that it will put a new spin on quality constructed, affordable housing.