The first step toward more affordable housing in Amarillo is complete.
At its February 10 meeting, Amarillo City Council unanimously approved the first reading of four resolutions in support of affordable housing projects across the city. The backing of city council helps property owners apply to the Texas Department of Housing and Community Affairs (TDHCA) for nine percent housing tax credits – meaning property owners can offer reduced rental rates to prospective tenants. The next step is for the council to consider the second and final reading of the resolutions during its meeting Tuesday (February 24) at 3 p.m. at city hall. TDHCA will then consider all applicants statewide and award the tax credits.
“The more we are able to work with state and federal authorities, the easier it will be for our residents to have lower rental costs,” said Mayor Cole Stanley. “These are important initiatives that will expand and improve living opportunities for all our residents.”
The affordable housing initiatives are spread throughout the city.
- Amarillo Lofts, LP’s. Near Bell Street and S.W. Ninth Ave.
- Tuscany Point Amarillo Apartments, LP’s. Near S.W. 45th Ave. and S. Coulter Street.
- Tecovas Terrace II, LP’s. 1800 S.E. 28th Ave.
- Troveta Terrace, LP’s. Near S.E. 34th Ave. and Ross Street.
“There is no impact on city tax revenue from these resolutions,” said City of Amarillo Assistant Director of Planning Drew Brassfield. “Council approving these resolutions is a step in the application process to the state for the property owners.”
Tentative rental rates for the affordable housing projects range from $600 to $1300 a month.