The City of Fort Worth has officially unveiled the Palladium Oak Grove, an apartment complex designed to provide affordable housing options for residents earning between 30% and 80% of the local median income. This significant development, which totals $58.4 million, aims to address the growing demand for accessible housing in a market where prices have risen sharply.
Palladium Oak Grove features a diverse range of units, including one- to three-bedroom apartments. The one-bedroom units encompass approximately 751 square feet, while two-bedroom apartments provide around 950 square feet. Families will find larger options as well, with three-bedroom apartments extending to 1,154 square feet. This variety ensures that singles, couples, and families alike can find suitable living spaces within the community.
Elizabeth M. Beck, the District 9 Councilmember for Fort Worth, expressed her support for the initiative, stating, “Investment in high-quality affordable housing is a priority for the City. I appreciate having a partner in that mission with Palladium.” This sentiment reflects the city’s commitment to enhancing the quality of life for its residents through accessible housing solutions.
Financial Collaboration Fuels Development
The financing for Palladium Oak Grove involved a collaborative effort among various stakeholders. Key contributors include the Texas Department of Housing and Community Affairs, which facilitated funding through its 2022 4% Bond Housing Tax Credit program. The funding mix also includes tax-exempt bonds and tax credit equity, with significant contributions from both private and public entities.
Among the financial backers, Cedar Rapids Bank & Trust purchased $25.6 million in tax-exempt bonds, while PNC Bank provided $23.3 million in tax credit equity. The City of Fort Worth also played a crucial role, contributing $1.2 million directly to the project. Additionally, the Fort Worth Housing Finance Corp. has joined as a general partner in this ambitious development.
Palladium Oak Grove spans 9.85 acres and encompasses approximately 214,837 net rentable square feet of residential space, setting a new standard for affordable living in the area. This initiative not only aims to provide housing but also fosters a sense of community among residents.
As housing affordability continues to be a pressing issue across many urban areas, developments like Palladium Oak Grove represent a vital step toward creating sustainable living environments for individuals and families. The opening of this complex marks a significant milestone in Fort Worth’s ongoing efforts to ensure that all citizens have access to safe and affordable housing.
