Tarrant County Accepts New Financing Deal for Casa de Suenos, Las Vegas Trail’s Latest Affordable Housing Offering

The Tarrant County Court of Commissioners voted unanimously to enter into an agreement with the City of Fort Worth and Fort Worth Housing Solutions to help fund an affordable housing project in the Las Vegas Trail area using COVID-19 relief funds.

The county and city have come to an agreement to partially fund the affordable housing project after the county confirmed last week that it would reprice its previous cash commitments. The county, which was originally the sole sponsor of this permanent 55-unit assisted housing development, will now contribute $8 million instead of the originally planned $11 million.

The project cost is estimated at $11.9 million, $758,000 less than its original price, after Fort Worth Housing Solutions and developer Ojala Holdings agreed to lower their taxes and contribute funds to the project.

District 4 Commissioner Manny Ramirez said the partnership is mutually beneficial as the agreement provides for a public-private partnership.

“You don’t often find ones where you get the consensus of county stakeholders, city stakeholders, nonprofits, and private developers. When everyone has a skin in the game, it means that everyone will be busy doing more. This is not a one-time project that Tarrant County is investing in and turning the other cheek,” Ramirez said during a meeting of commissioners.

County officials have previously said it is not customary for the county to fully fund a housing project called Casa de Suenos and have since worked with public and private partners to find ways to fund the project.

Fort Worth Housing Solutions President Mary-Margaret Lemons said the scope of the project has not changed despite cuts to the county’s funding.

There is currently a $1.9 million gap that Fort Worth Housing Solutions and Ojala Holdings are trying to close through grants and donations. Lemons said she is confident that Fort Worth Housing Solutions and Ojala Holdings will be able to meet the targets.

He also thanked the city for its efforts to bring the project to fruition.

“We are grateful to the county and the city for trusting us with their investments. None of this could have happened without the cooperation of our community and the vision of our local leaders,” Lemons wrote in an email.

According to the City of Fort Worth, Fort Worth Housing Solutions will vote to consider providing the remaining $1.9 million at its next scheduled board meeting on March 30, 2023.

Casa de Suenos will convert the 83-room Express Inn at 8401 West Freeway (Interstate 30) into 55 permanent assisted housing units, with some units reserved for victims of domestic violence and those coming out of homelessness.

Construction is expected to start in May 2023 with all units occupied by May 2024.

The City of Fort Worth is holding a public comment period until April 6 before voting on the proposal. The city will contribute $2 million to the project; $1.5 million will come from a community development block grant and $500,000 from the Fort Worth Housing Finance Corporation.

Members of the Fort Worth city council discussed the project at a working meeting on Tuesday. Both Mayor Matty Parker and Councilman Michael Crane, representing Las Vegas Trail, welcomed the proposed project. Crane thanked the county for working to keep the project “floating and together.”

“It was a lot of work. Thanks to the Mayor for supporting this project knowing all the work we put into the Las Vegas Trail,” Crane said. “It’s really a big part of the revival we’re doing in the area.”

The city began ramping up support for the neighborhood after a 2017 Star-Telegram investigation uncovered a rise in crime and poverty that had been ignored by city and county leaders for decades. Over the next few years, conditions in the area steadily improved.

Sandra Sadek is a member of the Report for America Corps covering growth for the Fort Worth Report. Contact her at [email protected]

Rachel Berndt is a local government reporting reporter for the Fort Worth Report. Contact her at [email protected]

Emily Wolf is a reporter for the Fort Worth Report responsible for government reporting. Contact her at [email protected] or through tweet.

At Fort Worth Report, news decisions are made independently of board members and financial backers. Read more about our editorial independence policy here.

Thank you for reading News Press Ohio

The post Tarrant County Accepts New Financing Deal for Casa de Suenos, Las Vegas Trail’s Latest Affordable Housing Offering

first appeared on Texas Standard News.

Related Articles

Back to top button