New affordable senior apartments to be built in downtown Alice
The Texas Department of Housing and Community Affairs (TDHCA) awarded Fishpond Development the application bid to build an affordable housing apartment complex for seniors ages 55 and older on Thursday, July 22.
Fishpond Development submitted plans to demolish the old hospital located downtown on 300 and 320 East Third Street.
The plans are to demolish and re-build the old hospital with a four-story high-rise apartment building for active seniors. The development will include 69 units with one and two-bedroom apartments. The housing community's target market is independent living for seniors that will provide affordable rent based on income and wellness programs for exercise and socialization.
"This development will improve the downtown area of Alice and create affordable living opportunities for seniors," said David Fournier from Fishpond Development. "I'm grateful for the Alice city leaders and state representatives for awarding Fishpond the application for the project and we look forward to being a part of the Alice community."
According to Fishpond a total of $12 million in development costs, approximately $9 million in tax credit equity, and $2.7 million in permanent debt with the balance from deferred developer fees.
Demolition and construction is expected to start at the beginning of 2022.
In Texas, the TDHCA administers the program from federal credits that are allocated to states annually under the Low Income Housing Tax Credit Program (LIHTC) for the private market to invest in, and develop affordable housing. Regulated by the IRS, the development program is administered by the individual states, allowing each state to prioritize their housing needs.
The application process is competitive, and credits are awarded based on the location, product quality, financial feasibility, and resident services offered.
"This project will include tearing down the old hospital that has been an eyesore for over 30 years," City Manager Michael Esparza said. "The City of Alice submitted a letter of recommendation for both of the developers that submitted applications to build the senior apartments in Alice because we are excited that TDHCA wants to spend dollars in our town."
Fishpond has built and completed two other senior apartment buildings in Portland and Cuero and is currently building a complex in Corpus Christi.