Council supports tax credit housing application
The Wolfforth City Council at its regular meeting Monday approved a resolution to support a 2017 tax credit housing application.
The Residence at Wolfforth, an Overland Property Group development, received the support and is slated to bring independent seniorliving housing to the Wolfforth area for residents older than 62.
The $7.8 million development is scheduled to provide 60 total units.
The facility is expected to provide wellness services, a meal program for those interested, numerous activities and amenities, as well astransportation. Rent will vary from $330 to $1,000.
In July 2015, the Overland Property Group LLC (OPG) was approved by the Texas Department of Housing and Community Affairs for $13.9million in federal tax credits to assist in the construction of a multi-family apartment complex in Wolfforth — The Reserves at PrestonTrails.
According to the Texas Department of Housing and Community Affairs, which awards the credits, the HTC program was designed toprovide a source of equity financing for the development of affordable housing and maximize the number of affordable units added to thestate’s housing supply.
It also is meant to ensure that the state’s affordable housing supply is well maintained and operated, serving as a credit to thecommunities in which affordable housing is constructed and operated, and prevent losses in the state’s supply of affordable housing.
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