BY ADAM DOE
Affordable multifamily housing
Looking ahead
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Kent said developers can apply for low-income housing tax credits to help cover construction costs in exchange for lower rent rates. The credits come from the federal government, and the Texas Department of Housing and Community Affairs administers the program. The tax credits can cover up to 70% of the construction costs, Kent said. To receive the tax credits, City Council must approve the developer’s tax credit application. City staff uses a scoring rubric as part of the appli- cation that scores more points if the developers reserve more units for 30% and 50% AMI earners. The application also requires the developer to host a meeting with residents who live near the new housing development. By lowering construction costs, the developer can pass the savings on to renters through lower rates. The federal government mandates the developer keep affordable rates for a set period. “The IRS says you have to maintain the afford- ability for 30 years [for the program],” Kent said.
Currently, 2,205 income restricted multifamily units are under construction in Denton, including 80% AMI. Of those units, about 200 are priced at 50% or less than the area median income, which is considered affordable for Denton, Kent said. Of the 8,700 anticipated affordable units needed based on projections from Kent, about 6,700 units will need to serve renters earning 30% AMI, and the remaining 2,000 units will need to supply 50% AMI earners. Another initiative is McAdams Haven, a complex developed by the Denton Affordable Housing Corp. that is currently in the city’s planning and zoning process. McAdams Haven will provide housing for residents who have disabilities and have been unhoused for more than a year, said Carrie Baugus, the corporation’s CEO. McAdams Haven is expected to break ground late this summer and open by the end of 2027. A news release from The NRP Group said Arbor Ranch will open to renters in early 2027. Initial
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SOURCE: CITY OF DENTON/COMMUNITY IMPACT
rent will range from $565-$2,200 monthly. “We’re trying to make it to where people are not spending a significant portion of their income every month and paying for the cost of housing,” Kent said. “We want them to be able to spend money in ways that help them, their families and improve the quality of their life.”
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