The North Court Villas, a low-income housing development at 8275 Stonebrook Parkway, recently opened in Frisco and is already at full occupancy.
The apartments opened in August, but recently held an opening ceremony. There is already a one year waiting list to move in.
"We were nearly leased up before the property was completely built," said Nan Gamel, North Court Villas community manager. "Our inquiries about leasing and current residents are people looking for affordability, close proximity to jobs and recreation. Our residents range from recent college students just starting out on their own, to seniors downsizing to fit their new lifestyle and divorced parents."
Officials from the Austin-based development and consulting firm, Songhai Development, said the North Court Villas is the only property added to Frisco's workforce housing base in close to 20 years.
North Court Villas is a 134-unit garden-style community, which offers one, two and three bedroom homes to residents who earn up to 60 percent of the area's median annual income. For a family of four, that income would be $40,500.
"In this economy, there is a huge market of families and seniors in need of quality, affordable housing," said Cherno Njie, Songhai Development president. "Our goal is to help meet this need by creating reasonably priced, amenity-rich communities. The opening of North Court Villas is the culmination of a vision that holistically works with the community in the city of Frisco."
Dallas-based advocacy group Inclusive Communities Project approached the city of Frisco in 2008 about the need for additional housing options.
Songhai Development won the bid in 2010 with the city of Frisco and the ICP offering up to $2 million in subordinate loan financing to developers who utilize the 9 percent Low Income Housing Tax Credit awarded by the Texas Department of Housing and Community Affairs
"By joining forces with ICP and TDHCA, North Court Villas is the right step in the direction of true transformation that will ensure the city of Frisco is a thriving, sustainable community with affordable, workforce housing options," said Njie.
The cost for the apartments are $330-$725 for a one bedroom, one bathroom apartment; $395-868 for a two bedroom, two bathroom apartment; and $456-$1,003 for three bedrooms and two baths.
The garden-style apartment complex includes a pool, children's play area and covered parking.