Realtex Development Corporation will begin construction Aug. 2 on Enchanted Gardens Apartments, a new affordable workforce housing development that will be built on land that was sold July 21 by the City of Victoria to expand housing options for working individuals and families.
The Victoria Housing Finance Corporation, the City of Victoria and Realtex Development Corporation will host a public ceremony at 11 a.m. Aug. 11 at the site of the future complex, 4601 N. Ben Jordan St., to celebrate the beginning of construction. The complex will begin leasing units in July 2022, and construction will be completed in October 2022.
During the development of Victoria’s community-driven 2035 Comprehensive Plan, residents identified expansion of entry-level and moderate-income housing options as a key goal for the city.
“In order for the city to continue to grow and thrive, we must have new housing that our residents and workers can afford,” said Mayor Jeff Bauknight. “By leveraging state and federal programs to encourage development of affordable workforce housing, we have an opportunity to create a more livable city and improve the lives of all our residents.”
Investing in Victoria’s future
The VHFC is a public, nonprofit housing finance corporation led by a board of three City Council members. The VHFC’s mission is to facilitate development of safe, decent and sanitary housing for low- and moderate-income residents.
The VHFC is authorized to issue tax-exempt bonds on behalf of developers to help finance the construction of multifamily workforce housing projects. The developer is solely responsible for repaying the bonds.
“The Victoria Housing Finance Corporation is committed to finding solutions for our community’s lack of affordable workforce housing,” said Assistant City Manager Mike Etienne. “We are excited to be able to support Realtex Development Corporation on this new development, which will provide relief to Victoria residents who need it most.”
The $32 million Enchanted Gardens Apartments is primarily financed through bonds issued by the VHFC and through the Texas Department of Housing and Community Affairs’ noncompetitive 4% housing tax credit program.
Enchanted Gardens Apartments will be Victoria’s first new housing development since 2007 to leverage federal low-cost housing tax incentives. The development will create 168 housing units and more than 200 temporary construction jobs.
About the apartments
Housing at Enchanted Gardens will be reserved for residents who earn up to 60% of Victoria’s median family income, which varies depending on household size. According to the U.S. Department of Housing and Urban Development, 60% of the 2021 median family income for a family of four in Victoria is $43,320. To find out if you qualify, visit www.victoriatx.gov/cdbg.
Units will be priced according to residents’ income:
|Number of units
|Estimated monthly rent
|1 bedroom, 1 bathroom
|2 bedrooms, 2 bathrooms
|3 bedrooms, 2 bathrooms
The complex is designed to offer “the simplicity of neighborhood conveniences wrapped in a gated community,” according to a news release from Realtex Development Corporation. Amenities will include a swimming pool, picnic and barbecue areas, a dog park and on-site social services.
For information about the construction and development of Enchanted Gardens, contact Rick Deyoe, Realtex Development Corporation president, at 512-306-9206 ext. 103 or firstname.lastname@example.org.
For questions about the property or rental information, contact Alma Cobb, housing management director, at 512-306-9206 ext. 128 or email@example.com.
To learn more about the Victoria Housing Finance Corporation, visit www.victoriatx.gov/city-manager.