September 14, 2016
What is affordable housing?
What affordable housing means depends on the person and his or her financial situation.
Economic development director Tom Manskey thinks there is affordable housing in Palestine for multi-family homes.
For the first time in many years, Palestine is facing a mini housing boom, as more than 10 new homes are being or will be constructed soon. In addition, another developer is talking to the city about building a 168-unit apartment complex near the Comfort Suite Hotel on Loop 256.
Many housing developers use tax credits when building. The Low-Income Housing Tax Credit is the most important resource for creating affordable housing in the United States today, according to the U.S. Department of Housing and Urban Development.
The city does have a rule in place for apartment developers to make a certain number of units available for low-income people, said communication and best practice officer Nate Smith.
The last year a subsidized housing complex was built in the city was 2009, Smith said.
Affordable housing also can mean what a person can afford to buy, Manskey said.
Some apartment complexes only rent to people who do not exceed a certain salary, he said.
In Palestine, there are three Section 8 housing apartment complexes, with a combined 174 units, and another 516 units are rented in apartment complexes through the Low-Income Housing Tax Credit.
Palestine has six properties that use rural rental housing for a combined 258 units, and there is one property with 50 units to support the elderly.
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