By KIM ESTES, Four Points News
Construction of Cardinal Point, the new affordable housing community in Four Points, is still in the design and permit phase, reported Walter Moreau, executive director of Foundation Communities, the project developer.
“We hope to start site work in a couple of months with an expected completion date by the fall of 2017,” Moreau said.
On Feb. 13 there was a native plant rescue event at the site before the land is cleared for construction.
Total cost of the Cardinal Point development is about $25 million. To help in funding, the Texas Department of Housing and Community Affairs approved $15 million in state tax credits last July.
The Cardinal Point community will offer one to three bedroom apartments built in three-story buildings. It will also feature green space, a large learning center and a playground. The artist renderings of the project are not available yet.
“We will start pre-leasing a couple of months before construction finishes,” Moreau said.
Rents between all the units will average approximately $640 a month. Families earning up to 60 percent of the area median family income will be eligible to apply.
“We expect that the apartments will lease very quickly because the rents are very affordable for working families in the area, and because of the learning center and other amenities,” Moreau added.
“(Residents) will have access to good neighborhood schools and lots of job opportunities, as well as our signature on-site education, financial stability and health programs,” Moreau said.
Originally, the project drew local opposition by some who said Four Points is already too congested and cannot support additional development.
TDHCA, however, approved Cardinal Point and 63 other affordable housing developments across the state for funding through the 2015 Housing Tax Credit Program.
TDHCA executive director, Tim Irvine, said, “Having access to housing that is both affordable and in the neighborhood of choice is essential in meeting the needs of all Texas residents and to accomplish this, the state must maintain and enhance its rental housing stock.”