Brazos County Housing Finance Corporation greenlights application to revitalize Southgate Village
BRYAN, Texas (KBTX) – The Brazos County Housing Finance Corporation voted Tuesday to allow Envolve Property Management to move forward with the process of purchasing an affordable housing complex.
Southgate Village is a low-income housing complex near Texas A&M University. Residents depend on Section 8 vouchers to afford rent.
“It’s a 50-year-old property and 50-year-old properties need to be maintained and in this case, really improved,” County Commissioner Chuck Konderla said.
The group voted to approve Envolve Property Management’s application for a revenue bond from the Texas Bond Review Board to buy and refurbish the complex.
“This is one of the last apartment complexes that works with folks who may need Section 8 housing,” County Commissioner Wanda Watson said.
Commissioner Watson abstained from the vote to approve Envolve’s application after voicing several concerns before she makes a final decision.
“I get a little bit concerned because it is located in a very prime location in Brazos County and the property values are going up exponentially. And so for a company to come in and talk about revitalizing it, does that open the door for the possibility of these folks being displaced?” she said.
The resolution was amended to include certain requirements such as a 20-year agreement to keep Section 8 rent pricing that aims to protect current residents through the process.
“You’ll see an improved property. You’ll see people continue to be able to live there as an affordable housing option,” Konderla said.
The process is estimated to take around a year.
