MCLENNAN COUNTY, Texas — The Waco Housing Authority is looking to get some state funds to renovate and create more affordable housing. We're sharing how the money could be spent locally to fix up some older properties in our community.
- The Waco Housing Authority is hoping to receive state funds to renovate and create more affordable housing, targeting low-income residents facing rising living costs, as highlighted by Jerry Moore, a six-year resident of the Historic Lofts of Waco High.
- Three projects have been proposed for the housing tax credit program, including the restoration of 196 units at North Crest Court and renovations of 104 apartments at the Historic Lofts of Waco High, aimed at improving safety, security, and property maintenance.
- The projects would not only enhance existing affordable housing but also include converting Greater New Light Church into a senior living space with 49 apartments and community areas, providing crucial support for families and seniors in the Waco community.
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"If I have to move from here and go pay $1400 it would be rough for me. It would be rough, I'd have to get some help somewhere,” Moore said.
The Historic Lofts of Waco High have been home to Jerry Moore for 6 years, the low income housing development has kept a roof over his head while he's on a fixed income.
"It's hard and it's getting worse, Everything’s going up, food, everything," Moore said.
To help others like Moore, the Waco Housing Authority presented three projects for inclusion in the housing tax credit program.
It gives investors a dollar for dollar credit on their taxes for investing in these affordable housing projects.
"So instead of the owners having to go and secure additional private investment or private equity, private lending. Those tax credits actually provide a source of funds to make the project work. In an exchange, there's a level of affordability that's provided to residents," Galen Price said.
One project would take north crest court and restore 196 units.
The second project would fix up 104 apartments at the Historic Lofts of Waco High.
"These projects were already lower income projects, the historic lofts for example they received an original Tax Credit allocation in 2009, and so they're now requesting funds for now to renovate it," said Price.
Renovations would include upgrades, additional security, lighting and upkeeping the property, which is something Moore would like to see.
"There's a few things in here that they can do to make it safer for us, like getting the doors fixed, (butted) Sometimes the lights are out, and you can't see anything," Moore said.
Another project would take Greater New Light Church and turn it into senior living with 49 apartments and a community space, more affordable housing that Moore says will help families in our community.
"They're going to help some more people, I mean that's good, because they need to get them off the street," Moore said.
Now this is a program operated by the state, if people wanted to make a contribution, you can reach out to Waco Housing Authority for more details. Price said they will find out if the projects get approved in July.
