AMARILLO, Texas (KAMR/KCIT) — Astoria Park Apartments and North Grand Villa Apartments presented resolutions to City Council during Tuesday’s meetings.
The items considered was a resolution stating no objection to an application for 2023 Non-Competitive Housing Tax Credits to the Texas Department of Housing and Community Affairs Housing Tax Credit program.
The program allows developers to look for affordable housing properties to redevelop. The developers then apply for funding and have to state criteria for Housing Tax Credits.
“It allows investment into those existing apartment to bring them up to date,” said Andrew Freeman, Amarillo Assistant City Manager. “The program provides equity to the developers to build what looks like market-rate apartments, but it’s actually rent restricted based on the income levels of the tenants.”
The city’s main role is either to not object to the project or not support the project.
Amarillo has experienced an increase in jobs and a surge of new employees in the area. Freeman said City Council wants to help support the program.
Freeman continued, “City Council is very supportive of these projects, particularly when it comes to housing in Amarillo. We want to make sure that we have a wide range of apartments, residential homes, townhouses. There’s just a wide variety of need as far as giving our residents options, and we want to make sure they have quality developments.”
Astoria Park Apartments was built in 1949 and will begin the redevelopment process in the spring of 2023. North Grand Villa Apartments is still waiting to hear if they will receive funding for the project. That decision will likely be made during the summer of 2023.