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Ohio developer bringing senior housing to Fort WorthAugust 4, 2014
An Ohio developer will build a $17.7 million, 124-unit senior affordable housing community in far south Fort Worth near Burleson.
The Miller-Valentine Group of Dayton, Ohio, plans The Reserve at McAlister senior living community on 7.5 acres north of McAlister Road, between Hemphill Street and Interstate 35W.
The company was expecting to close on a loan July 31, a company officer confirmed to the Business Press after a July 24 presentation to the Fort Worth Housing Authority board. The project, which will include 22 rental assistance units, is being facilitated by a package of federal low income housing tax credits plus $2.3 million in Fort Worth Housing Authority funds over 15 years.
Brian Dennison, the housing authority’s vice president of development and asset management, said in an interview that the housing authority has a list of “18,000-plus” people in need of affordable housing. “And the list grows every day,” he said. “All phones ring all day. There’s tremendous need.”
Miller-Valentine executives were not available for a longer interview on the property.
The property will include 112 income-restricted apartments and 12 market-rate units, according to documents the company filed with the housing authority.
The development will include one residential building with one- and two-bedroom apartments, as well as a clubhouse, leasing office and “common amenities,” according to the documents.
Miller-Valentine still must apply to the federal government for the rental assistance units. If the government does not grant them, the housing authority has committed to making a loan to the development instead.
The project will likely open within a year from the close of financing, Dennison said.