More multifamily units proposed for area
In the last 10 years, more than 15 affordable multifamily complexes have been built in Cy-Fair to accommodate new residents. Five more affordable housing units are proposed for Cy-Fair this year through the state's Housing Tax Credit Program, organized by the Texas Department of Housing and Community Affairs.
"These developments are as nice or nicer than new market-rate apartments," said Michael Lyttle, chief of external affairs for the TDHCA. "A lot of the criteria that the applicants need to meet for this program is dictated through statute, so the legislature has taken care to see that these are built to a high standard."
Affordable housing
In Texas, more than 200,000 units of affordable housing have been constructed since 1990 through the tax credit program. Residents who live in the complexes are not given government subsidies, unlike other forms of subsidized housing. Instead, the developer is given equity to build the complex so they can charge lower rent amounts.
Companies that file an application for the program compete with others around the state for the credits, which are sold to a syndicator, followed by a corporate entity. The funds generated from the sale are used to construct the complex up to standards and keep the rents affordable for 30 years. Since rent does not increase every year, individuals may only live in affordable housing complexes if their income is no more than the maximum amount allowed for the unit.
"From our perception, affordable housing is workforce housing," Lyttle said. "These are people like technicians who work at the local hospital, a starting fireman or a teacher's assistant. You can't have economic development in an area without good quality affordable housing."
Proposed developments
One of the proposed developments in Cy-Fair, off Hwy. 290 between Mason and Mueschke roads in Fairfield, is a 140-unit complex for senior citizens.
"We've done a tremendous amount of research, and there is a need for a senior development in this area," said Ryan Hettig, vice president at Hettig-Kahn Companies, the project developer. "There really isn't anything within a five-mile radius designed for these folks. Plus, you have a lot of people living in Fairfield who may want their parents to move closer, but they don't have the funds to put them in an assisted living center."
If approved by the TDHCA, Fairfield Creek Estates will be a three-story development with one-and two-bedroom units ranging from 700 to more than 1,000 square feet. Residents will have access to various social services and a full amenity package, according to Hettig.
Stuart Shaw, president of Bonner Carrington LLC, has proposed the Cypress Creek at Highway 6 project, which will be located at Jackrabbit Road and Hwy. 6 and will feature 180 units. While a portion of the apartments will have no income restrictions, others will be available to people who earn varying percentages of the area's median income. Regardless, all occupants must make more than 2.5 times the rent to qualify.
"We thought this was a good location and community," Shaw said. "We plan to own this forever, so we think really long-term."
Bonner Carrington has developed several similar Cypress Creek projects in Cedar Park, Georgetown and Houston. The communities feature recreation centers, pools and cabanas, playground areas, barbecues and other amenities.
Need for options
The TDHCA received 162 applications for the program this year, requesting $181.3 million in tax credits. However, there is no more than $55 million available for 2012.
"Due to the great need for affordable housing, it's been a very competitive process in every region of the state, but some areas like Southeast Texas and Greater Houston tend to be even more competitive," Lyttle said.
Population growth and demand are two factors that have driven developers' interest in northwest Harris County, according to Mike Dunn, a consultant who has worked on several affordable housing projects in Northwest Houston such as Costa Vizcaya and Golden Bamboo Village.
"By the mid-'80s, the job in which you could make $20,000 a year with no education and still have a house had disappeared," Dunn said. "In order to attract workers, now you have to show quality of life and that there are nice places to live that won't break the bank."
Although the majority of Cy-Fair residents own a home, the number of renters in certain ZIP codes increased by nearly 10 percent in the past decade.
"One of the reasons Houston has been so successful compared to other cities is because we have a wide variety of housing at every price point," said Andy Teas, vice president of public affairs for the Houston Apartment Association. "Rents are reasonable, and you can get as nice or cheap apartment as you want."