Brazos County Housing Finance Corporation approves partnership for affordable housing renovation
BRYAN, Texas (KBTX) – Affordable Housing demands are on the rise daily. Research indicates that housing expenses are steadily increasing, while incomes are growing at a significantly slower rate.
Studies show nearly half of Texans are allocating over 30% of their household earnings to housing costs, underscoring the importance of affordable housing.
On Tuesday, the Brazos County Housing Finance Corporation, an independent organization comprised of elected officials, met to address housing issues in one community. County leaders say the finance corporation was created to provide tax-exempt mortgage revenue bonds and additional assistance to support the acquisition, construction, or substantial rehabilitation of multi-family housing.
Brazos County Housing Finance Corporation
On Tuesday, they approved a partnership called the Sandy Creek GP LLC and voted to approve a $20,000,000 multifamily housing revenue bond.
Sandy Creek Apartments in Brazos County
According to the community’s website Sandy Creek Apartments is owned and managed by Dominium, and claims to be the country’s second-largest owner of affordable housing. The complex is located on Sandy Point Road near Highway 21 and qualifies for a 50% tax break due to its low-income status.
Dominium now plans to secure a loan to revitalize the community, with support from the Brazos County Housing Finance Corporation.
Brazos County Housing Finance Corporation member & county commissioner Chuck Konderla.
Brazos County Commissioner Chuck Konderla, a board member, says the project is a win for everyone because the county will not be on the hook for the $20,000,000. However, it will give the county more oversight of the affordable housing program.
“It does give us a little more authority in the management and upkeep of that complex. So we can have a bit more of a friendly HOA, if you will. We’ll be someone that is a partner in that; it doesn’t put the county at risk, it doesn’t cost the county money, but it does give us authority and say in that complex moving forward,” said Konderla.
On Tuesday, the corporation approved moving forward with the plans.
In return, Dominium Development will make a $250,000 payment in lieu of taxes, an amount county leaders say is projected to cover the taxes for the next five years.
