harmon seniors villas - fwhs.org...• a 2015 stanford study of affordable housing impact to...

Harmon Seniors VillasA Proposed Development of

Fort Worth Housing Solutions

Fort Worth Housing Solutions1201 East 13th Street

Fort Worth, Texas 76102

Harmon Seniors VillasDevelopment Partners• Fort Worth Housing Solutions

• Created in 1938 under State law to provide “safe, decent and sanitary housing” to low and moderate income families in the City of Fort Worth

• Initially administered Public Housing and Section 8 only• Since 2000:

• Has sold or converted nearly 1,000 Public Housing units and leveraged them to acquire, rehabilitate, and/or develop over 3,500 mixed‐income units

• Now owns nearly twenty‐five multi‐family properties throughout Fort Worth with two under construction, eight in the development/ acquisition pipeline, and approximately ten additional to be planned by 2018



Harmon Seniors VillasDevelopment Partners• AMTEX Development

• Developer with a Texas presence• Has 30+ years of multifamily developments, specializing in affordable housing. • This will be the fourth development partnership with Fort Worth Housing Solutions.



Fort Worth Housing Solutions

FWHS has constructed and/or acquired residential developments in all areas of the city of Fort Worth.

FWHS continues to locate new sites in all areas of the city, including areas of “high opportunity”.



Villas of Oak Hill (Stonegate)

Constructed/Acquired in: 2003

Median Family Income: $111,314

Hillside



Aventine



Aventine

Villas at Oak Hill

Hillside

Typical Tenant Qualifications• Tenant must have verifiable ability to pay. • Tenants must complete a credit history review. • Applicants must have a verifiable positive rental history of longer than six months to be eligible.

• Felony convictions for crimes against people, gun crimes, burglary and domestic violence less than ten years old, other felonies less than 5 years, misdemeanors less than two years and intentional injury to a child or any sexual offence will result in a denial.



Harmon Seniors VillasA Proposed Seniors Residential Development

• Located on Harmon Road near Golden Triangle Blvd• The site area is approximately 9.03 acres• Median Family Income: $83,986• Estimated Completion Date: Late 2018



Harmon Seniors VillasA Proposed Seniors Residential Development

• Designed for 160 total units• A mix of market rate units and affordable units

• 127 One Bedroom, One Bath – 700 sq. ft.• 16 Two Bedroom, Two Bath – 973 sq. ft• 17 Two Bedroom, Two Bath – 1,026 sq ft.



Harmon Seniors Villas

Proposed Building Design

Proposed Amenity Center

Proposed Amenity CenterLayout and Uses

Amenity Center Features:

• Activity Center• Club Room• Business Center• Fitness Center• Mail Room• Package/Storage

Neighborhood Amenities Map

Harmon Seniors Villas

Alliance Town Center

Texas Health Harris Methodist

Albertsons

WinCo Foods

Walmart Neighborhood

Kroger

Walgreens

CVS

Proposed Site Plan

Site Plan Features:• Climate controlled interior corridors

• Porte Cochere Entries• Gated Access• Swimming Pool• Central Open Area w/Gazebo

• Elevator Access

Property DesignThe property will be developed into:• 2 Three story buildings with Amenity Center

Amenities include:• Club House Amenity Center• Pool• Fitness Center• Business Center• Game / Community Room• Gated Entry



Property Timeline

Start Date Expected Completion

• Sitework March 2017 April 2017• Construction May 2017 August 2018• Lease‐up July 2018 February 2019



Unit BreakdownMarket rate units:• 10% of Units = 16 Units• Definition of Market Rate UnitsAn apartment that has no rent restrictions. Refers to properties that are rented or leased by people who pay market rate.

• Targeted for seniors who earn above 60% of the area median income level.



Unit Breakdown118 (92%) Affordable rate units:

Area Medium Income (AMI) ‐ $69,40061 Units (38%) at 60% of AMI




Area Medium Income (AMI) ‐ $69,40068 Units (43%) at 50% of AMI




Area Medium Income (AMI) ‐ $69,40015 Units (9%) at 30% of AMI (RAD units)

RAD is a new program initiated by HUD which gives FWHS the means to leverage private market programs to deconcentrate subsidized developments and develop vibrant, mixed use neighborhoods.



Concern: School Overcrowding• Harmon Seniors Villas is a seniors property. While some level of occupancy can come from families or dependents, the impact to area schools will be minimal.



Concern: Property Value Decline• Single‐family home values rely primarily on comparable properties and amenities in the area.

• The vast majority of studies have found that affordable housing does not depress neighboring property values. Don’t Put it Here! Does Affordable Housing Cause Nearby Property Values to Decline? The Center for Housing Policy.

• In other neighborhoods with high property values where FWHS provides affordable housing, there is no evidence of a decline in property value.



Concern: No Public Transportation• The majority of our tenants own their own vehicles and do not rely on public transportation. In addition, Harmon Seniors Villas benefits from an extremely convenient location close to medical and commercial amenities.

• Fort Worth Housing Solutions works continually with the Fort Worth Transportation Authority (The T) in providing data on developments and communities in which density is increasing in case they determine the need for additional public transit options.



Concern: Increased Traffic• Seniors developments typically provide minimal traffic impact to neighborhoods.

• The Harmon Senior Villas is located on Harmon Road, an existing two lane road. Future road improvements include expansions of Golden Triangle Blvd and Harmon Road itself



Concern: Increased Crime• Seniors developments typically provide minimal impact on neighborhood crime statistics.

• A 2015 Stanford study of affordable housing impact to communities found that the inclusion of affordable housing in low income neighborhoods reduced crime whereas affordable housing development in higher income neighborhoods produced no crime impact. Is Affordable Housing Good for the Neighborhood. Shana Lynch. September 15, 2015

• FWHS develops communities that are more integrated and diverse, which benefit the overall community.

• FWHS also has a strong partnership with the City of Fort Worth and the FWPD, which allows us to immediately identify and respond to issues.

• Residents in the community are subject to management company leasing and eviction standards.



Conclusion

Both Fort Worth Housing Solutions and Amtex Development strive to deliver to the City of Fort Worth and its communities high quality housing opportunities that are affordable to a variety of family sizes and income levels, including seniors developments like the Harmon Senior Villas. All communities have families in need of housing that is affordably priced and the senior development Harmon Senior Villas advances the FWHS mission in this area.



harmon seniors villas - fwhs.org...• a 2015 stanford study of affordable housing impact to...

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