WACO, Texas (KXXV) — “The church really offered a unique opportunity to be able to restore what's an important piece of history and then sort of a place maker on the street in the local Sanger Heights neighborhood,” Elizabeth Property Group’s Moira Concannon said.
The Elizabeth Property Group is looking to add affordable senior housing to the Waco community.
“We would be renovating the existing church building and doing an adaptive reuse into senior apartments,” Concannon said.
The company is proposing a nine percent low-income housing tax credit transaction through the Texas Department of Housing and Community Affairs — but first…
“You have to get a resolution of support from the city or the jurisdiction that you're applying in,” Concannon said.
The company is looking to build a new facility by the church, too.
“And there would be 49 total units between the existing church building and the new construction building,” Concannon said.
The facility would serve our neighbors who are 55 or older and are income restricted.
Concannon told 25 News the complex would provide financial services for our neighbors who are on Medicare, Medicaid or receive social security benefits.
“It's essentially close to all of the amenities, you know, retail, medical facilities, schools, grocery all the things that you know, basically everyone wants to have proximity to,” Concannon said.
The project will use historic tax credits, which helps keep rent down.
“The hope is that this serves people who are local to the neighborhood, and family members of those who are local to the neighborhood, and it just can be a you know, great sort of addition to the to the area, and the Sanger Heights community,” Concannon said.
If all goes according to plan, construction is set to begin in 2026 and leasing in 2027.
