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.
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