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DFWI, Fort Worth Housing Authority acquire Hillside apartment community

July 6,2015

City News Dfwi Hillside Apts

The 172-unit Hillside development was built in 1997. Federal housing tax credits were used, in part, to finance the project. Several foundations and the City of Fort Worth made grants to the project.

Reposted from the City of Fort Worth

The Fort Worth Housing Authority and Downtown Fort Worth Initiatives Inc. have created a new corporation, New 172 Hillside Partners LLC, to acquire and operate the Hillside Apartment community on the eastern side of downtown.

The 172-unit, 12-acre site is a mixed-income development of duplex and triplex apartments built in 1995 by a local corporation to bring affordable housing to downtown Fort Worth. The City of Fort Worth was one of the original organizations that developed the property.

New 172 Hillside Partners LLC will keep the project in local hands and maintain current affordability ratios. Sixty percent of the apartment units are reserved for low- to moderate-income households. Net cash flow from the Hillside operations will be used to develop more affordable housing in the downtown area.

The apartments maintain a 98 percent occupancy rate.

“Hillside joins the Knights of Pythius and Hunter Plaza projects that we have worked on together in recent years,” said Downtown Fort Worth Initiatives Inc. Chairman Jack Clark. “The Housing Authority is a strategic partner in our effort to add more workforce housing to downtown.”