The City of Fort Worth just opened the doors to Palladium Oak Grove, a new apartment complex aimed at making housing more affordable for those earning between 30% to 80% of the local median income. This $58.4 million investment brings not only hope, but actual homes to the community, complete with a range of options from one- to three-bedroom units.
There’s a variety of sizes, too, with one-bedroom apartments measuring around 751 square feet, two-bedroom apartments at approximately 950 square feet, and three-bedroom apartments stretching to 1,154 square feet. That’s plenty of space for singles, couples, or families looking for an affordable place to call home in a city where housing prices have been climbing out of reach for many. In a statement per the City of Fort Worth, District 9 Councilmember Elizabeth M. Beck lauded the initiative, “Investment in high-quality affordable housing is a priority for the City. I appreciate having a partner in that mission with Palladium.”
Palladium Oak Grove spans 9.85 acres and comprises approximately 214,837 net rentable square feet of residential space. When it comes to financing this vision of affordable housing, multiple parties came together. The funding mix includes the Texas Department of Housing and Community Affairs’ 2022 4% Bond Housing Tax Credit program, tax-exempt bonds, tax credit equity, and a contribution from Fort Worth itself…