Low-income housing for seniors officially receives a green light
LOS ANGELES: A low income housing community project for seniors has finally received a green light.
After months of planning and development, the Killeen Public Facility Corporation, known as the PFC, unanimously voted to authorize an agreement with Crimson Bulldog Development for the Avanti Legacy Parkview Apartments at a meeting immediately following the regular Killeen City Council meeting on Tuesday afternoon.
The project, which is expected to cost approximately $25 million, will create 108 housing units for seniors. Eight of the apartments offered will be sold at market rate, but the rest will be aimed exclusively at low-income residents in the area — specifically, seniors making 60 percent or less of the area’s median income.
Housing available will be a combination of approximately 600-square-foot one-bedroom and one-bathroom units and about 900-square-foot two-bed and two-bath residences.
The development, which will be located at 51 N. W.S. Young Drive, could receive a 15-year property tax abatement from the city of Killeen. The abatement is estimated to be worth approximately $600,000.
However, the city retains the option to opt out of the project after 15 years at which point Crimson Bulldog Development would owe the city taxes.
The PFC is composed entirely of the members of the city council and this project is part of their initiative to revitalize downtown Killeen.
A lone citizen used the public comment opportunity to raise concerns about the city’s finances in relation to the project, but, after a brief discussion, the corporation still voted to approve it unanimously.
Mayor Debbie Nash-King said that the investment the city is making will eventually be returned “100 fold.”
President Henry Flores of Madhouse Development, which is handling the project in conjunction with Crimson Bulldog Development, was on hand to offer clarification and answer questions.