Recently several development/investment companies have approached city staff concerning the City?s interest in the tax credit housing program.
One company, Commonwealth Development Group, Bryan, Texas, has won the support of the Kennedale City Council. Their application to the state is for a senior (age 55+) rental housing project on South New Hope Road. {{more}}
The land is immediately south of Sonora Park and north of the McMillan property. The 15-acre developable site (with eight acres in the floodplain) has limited frontage and is split by the Oncor transmission line. Consequently, the property is limited in development potential; thus, a proposal of this nature is positive to its development.
The state is currently accepting applications for tax credit projects with eight expected to be funded in the Dallas Fort Worth region. Fifteen other cities have pre-applications on file.
The investment would add approximately $14.5 million to the taxable rolls, an equivalent of 56 homes. Moreover, the property provides a link between the McMillan property (Texas Raceway) and Sonora Park for the extension of the hike and bike trail that is in the city?s long-range development plan.
Commonwealth has indicated it will donate the 8-acre floodplain to the city for the hike and bike trail. This dedication will also off-set the land taken from Sonora Park for right-of-way for the widening of Sonora Park. (This offset is required since federal funds were used in the development of Sonora Park).
Current housing studies indicate the need for additional senior housing. This proposed project will help meet this need. The proposed project is for 136 dwelling units with a club house and on-site management.
