Fort Worth Seeks $10M To Spend On Improving Affordability Of Homes
Fort Worth officials are doubling down on their plan to bolster affordable housing in the city through a proposed bond program.
The Fort Worth City Council increased a planned bond proposition to support affordable housing initiatives from $5M to $10M during its Tuesday meeting, according to the Fort Worth Report. The item is slated to be one of six propositions that will go before Fort Worth voters in May as part of the city’s expected $845M bond package.
If the bond proposition is approved, the city intends to allocate $5M to single-family homeownership initiatives through a partnership with the Fort Worth Community Land Trust. The partnership will use $1M to buy land and existing properties for affordable housing.
The remaining $4M would be used to renovate those properties, Fort Worth Senior Capital Projects Officer April Rose said. That would create 20 to 25 affordable homes for buyers.
The $5M added to the proposition could be used for affordable multifamily projects and short-term housing, according to Rose.
Councilmember Mia Hall called Fort Worth's affordable housing situation a crisis earlier this month after local housing advocates pushed for an increase in the original bond proposition amount.
Donna VanNess, president of the nonprofit Housing Channel, said homeownership is out of reach for most middle-class households in Fort Worth.
“People just aren’t used to the fact that you can’t buy a house here and just be a teacher, fireman or whatever,” VanNess told the Fort Worth Report.
From 2017 to 2025, Fort Worth’s average home value increased by more than 62% to $305,476, according to the Tarrant Appraisal District. The city’s population grew by just 16% during that time.
The bond also includes $59.9M for an animal care and shelter facility as well as $14.6 for public libraries. The council has until Feb. 13 to add the bond package to the May 2 election.
Developers are also bringing affordable housing to the city.
The NRP Group opened the 67-unit Thrive on Crawford mixed-income development in Fort Worth earlier this month. Nearly 90% of the project’s apartments are reserved for tenants earning 30%, 50% and 60% of the area median income.
Chicago-based 3L Real Estate is spending $58M to convert the 300K SF office building at 115 W. Seventh St. in Fort Worth into a multifamily building that will include affordable rents. As part of an infrastructure reimbursement from the city's tax increment finance zone No. 8, 20% of the building's planned 330 units must be reserved to maintain below-market rents for 10 years.
