Monday, May 6, 2024
The Gatesville City Council approved the submission of two new mixed-income residential communities to the Texas Department of Housing and Community Affairs (TDHCA) at a regular meeting on Tuesday.
The decision follows a presentation of the proposed communities, Gatesville Crossing and Gatesville Terrace, given by Trinity Housing Development at a previous meeting in early January. Trinity Housing will submit the projects to TDHCA’s low-income housing tax credit program, which allows the developer to utilize housing tax credits to finance the building and offer more affordable rent based on household income.
“The staff is pleased to announce that the city council approved resolutions last night in support of the Trinity Housing Development group's submission of applications to the Texas Department of Housing and Community Affairs for two housing projects,” City Manager Scott Albert said in an email. “The first proposed project is Gatesville Crossing, which will consist of approximately 36 apartments, and the second project is Gatesville Terrace, comprising approximately 52 senior living homes.”
Although TDHCA will only fund one of the projects, the council voted to submit both developments. The priority project is Gatesville Crossing, a community targeting families that would be located east of state Highway 36 and south of Walmart. Gatesville Terrace, a senior living community, will be submitted if Gatesville Crossing is not awarded by the TDHCA program.
Alice Woods and Michael Fogel with Trinity Housing Development recommended the development of Gatesville Crossing due to a higher demand for mixed-income housing for all ages, and that it’s development would open up opportunity for additional commercial or residential developments.
“If you choose to support both Gatesville Crossing and Gatesville Terrace, we’ll most likely move ahead with an application for Gatesville Crossing but will have Gatesville Terrace as a back-up option should any unforeseen issues arise,” Woods said. “Therefore, supporting both deals gives Gatesville the best chance of getting one, which would most likely be Gatesville Crossing.”
Council Member Barbara Burrow weighed in on the support for the Gatesville Crossing development and the opportunities it could present to families.
“We’re trying to get young families here, so there’s a greater return on investment that way versus dedicating to a senior facility which is kind of a plateau already,” Burrow said. “A hand-up through this other method I think is something that would be welcome in our community, because it’s going to offer them a little ease, and they have access to so much within that area.”
Gatesville Crossing would serve individuals of all ages earning between $26,500 and $50,000 per year. Rental costs for the units would range between $700 and $1,100 each month.
Gatesville Terrace, for ages 55 years and older, would be built north of Walgreens and south of Hillside Medical Lodge. The units would serve individuals with yearly incomes between $26,500 and $36,000. Rent for Gatesville Terrace would range between $700 and $1,000 per month.
According to Zillow data, the average rent for a two-bedroom property in Gatesville is around $1,000.
Rental pricing for Gatesville Crossing and Gatesville Terrace is based on number of bedrooms and household income. According to Trinity Housing Development’s presentation to the council, the income range for both communities is about 50% of the area median income for Coryell County.
The communities feature amenities such as fitness centers, community kitchens, BBQ areas, shared green spaces, and more. Units normally include full kitchens, ample storage, vinyl plank flooring, and washer and dryer hookups.
Trinity Housing Development specializes in affordable housing development for seniors and low-to-moderate income families. The company also constructed Gatesville Trails, which is a senior living community located off Highway 36.
The projects will require a financial contribution of $250 from the city for waiver or reduction fees, such as those for a building permit.
Albert said the city expects to receive a decision from TDHCA sometime in August regarding the approval of one of the projects for construction in Gatesville.
