Victoria attracts developer for workforce housing project
Here are the details regarding the new apartment complex
VICTORIA, Texas – On Aug. 2, Realtex Development Corporation will begin construction on Enchanted Gardens Apartments. The new complex aims to be an affordable workforce housing development. It will be built on land that was sold on July 21 by the City of Victoria. It’s intention is to expand housing options for working individuals and families.
A public ceremony, hosted by the Victoria Housing Finance Corporation (VHFC), the City of Victoria and Realtex Development Corporation, will take place on Aug. 11 at 11 a.m. to celebrate the beginning of construction. The complex will be located at 4601 N. Ben Jordan Street. In July 2022, Enchanted Gardens will begin leasing units, and construction is predicted to be complete in Oct. 2022.
The City developed a community-driven 2035 Comprehensive Plan. During the development, residents identified expansion of entry-level and moderate-income housing options as a key goal for Victoria.
“In order for the city to continue to grow and thrive, we must have new housing that our residents and workers can afford,” said Mayor Jeff Bauknight. “By leveraging state and federal programs to encourage development of affordable workforce housing, we have an opportunity to create a more livable city and improve the lives of all our residents.”
Investing in Victoria’s future
The VHFC, a public, nonprofit housing finance corporation, is led by a board of three City Council members. It’s mission is to coordinate developments of safe, decent and sanitary housing for low- and moderate-income residents.
Additionally, the VHFC is authorized to issue tax-exempt bonds on behalf of developers. In return, this helps finance the construction of multifamily workforce housing projects. The developer is completely responsible for repaying the bonds.
“The Victoria Housing Finance Corporation is committed to finding solutions for our community’s lack of affordable workforce housing,” said Assistant City Manager Mike Etienne. “We are excited to be able to support Realtex Development Corporation on this new development, which will provide relief to Victoria residents who need it most.”
Primarily, the $32 million apartment complex is financed through bonds issued by the VHFC and through the Texas Department of Housing and Community Affairs’ noncompetitive 4% housing tax credit program.
Since 2007, Enchanted Gardens Apartments will be Victoria’s first new housing development to present federal low-cost housing tax incentives. The complex will provide 168 housing unites and over 200 temporary construction jobs.
About the apartments
Housing availability at Enchanted Gardens will be reserved for residents who earn up to 60% of Victoria’s median family income. This amount varies depending on household size. According to the U.S. Department of Housing and Urban Development, 60% of the 2021 median family income for a family of four in Victoria is $43,320. You can find out if you qualify by visiting www.victoriatx.gov/cdbg.
You can find unit pricing according to residents’ income below:
According to a news release from Realtex Development Corporation, the complex is designed to offer “the simplicity of neighborhood conveniences wrapped in a gated community.” Amenities will include a swimming pool, picnic and barbecue areas, a dog park and on-site social services.
You can learn more about the construction and development of Enchanted Gardens by contacting Rick Deyoe, Realtex Development Corporation president, at 512-306-9206 ext. 103. He is also available via email at email@example.com.
If you have any questions about the property or rental information, contact Alma Cobb, housing management director, at 512-306-9206 ext. 128. She is also available via email at firstname.lastname@example.org.
You can learn more about the Victoria Housing Finance Corporation by visiting www.victoriatx.gov/city-manager.
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