Although I typically oppose most types of government aid housing (not all), this program has real merit. It is not near the typical subsidy aid one conjures up in their mind. Aid in this case comes from the structure of the development financing package. Tax Credits are sold to purchasers and Tax exempt bonds are sold to other purchasers to finance the housing. These tax credits and bond sales provide funding for much of the cost of construction, therefore reducing rent rates and mortgage payments.
This is not low income housing. It is relatively new multi-family and single family detached housing that any community can be proud to have in their portfolio of housing options for their citizens. This is relatively new financing for Seniors and Workforce citizens. Workforce citizens include firemen, policemen, small business managers, workers in everyday jobs. In other words, people you're around every day.
These needs are created by the wildly escalating housing costs, but modestly rising incomes. Currently, an average family income will not qualify the family to purchase an average priced home in Rowlett. The HFC helps out.
Be assured, this writer is not advocating that our "officialdom" get anywhere close to managing development financing or making loans or mortgages to anyone. I am advocating that our City Council take the necessary steps to create the Corporation that will house the experts needed to make the Housing Finance Corporation work. To the best of my knowledge, our City Council members have never underwritten a car loan, let alone several housing mortgages or an apartment complex.
Below is a link to information that could provide you much more information than I can in a blog site. Most of the information is about nearby communities and the North Texas area. Please read to understand what I'm talking about. Rowlett needs this. Click below.