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Blackstone Affiliate Proposing 252 Affordable Denton Housing Units
Developer April Housing has applied to build 252 affordable housing units in Denton. Community Impact reports that the Denton City Public Facility Corp. will evaluate the permit and consider offering a property tax exemption.
Of the 252 units, 165 units will be considered affordable for Denton and serve households that earn less than 50% of the Dallas area median income, or AMI.
Affordable rent rates for Denton will range from $535 per month for a 30% AMI one-bedroom unit up to $1,329 for a three-bedroom unit at 50% AMI. The expansion will also offer three-bedroom units at a rate of $1,634 per month for renters earning 80% AMI.
The developer is applying for a 100% property tax exemption, which will save them about $527,451 in property tax payments.
April Housing, a Blackstone portfolio company, is headquartered in Los Angeles and oversees one of the nation’s largest portfolios of LIHTC (Low-Income Housing Tax Credit) housing.
- ◦Development
