BY SANDRA BAKER |JUNE 30, 2017 12:15 PM
FORT WORTH - A housing program set up in part to spur residential development in some of Fort Worth’s underserved neighborhoods is drawing new attention at City Hall after estimates show it will lose about $350,000 on a north side project.
The Housing Finance Corp., created in 1979 to serve as the city’s housing development arm, recently approved spending $470,000 to complete five homes in the 1400 block of Lee Avenue, in the Northside neighborhood, a project that was set in motion several years ago.
The HFC builds homes for low- to moderate-income families. The Lee Avenue homes will range in size from 1,479 square feet to 1,875 square feet.
In all, the homes will run up more than $1 million in development and construction costs, but estimates show they will only sell for about $719,000, leaving about a $349,000 gap, according to reports. Three years ago, the project lost federal funding when rules on how certain Housing and Urban Development money could be spent were changed, causing delays.