Plans to build an affordable senior housing near the northeast corner of the Texas State Technical College on Hwy 59 are moving forward after the state agreed to help finance the project, officials said.
The Texas Department of Housing and Community Affairs (TDHCA) announced it awarded $1,041,113 affordable housing tax credits last month to the Austin-based developer Trinity Housing Development to build senior housing in Marshall. It is an annual tax credit for a period of 10 years, which the developer will monetize to fund construction of the property.
The 48-unit apartment complex will expand the housing choices of the area's growing senior population of retirees, one of the objectives of the Mobilize Marshal Strategic Plan.
Michael Fogel, Vice President of Trinity Housing Development said his group met with city officials earlier this year to discuss the benefits and features of the project and to solidify support for it. Fogel said his presentation to City Council earlier this year was very valuable in that it set the stage for the project. “The City not only approved our rezoning request but it gave us a thumbs up for the development. A welcoming and productive working relationship with City staff for our project vision, along with a supportive Council was a motivating factor in our decision to invest in Marshall,” he said. “City staff drafted an important resolution of support which City Council approved. This was key to our application to TDHCA."
Melisa Lewis, chair of the City’s Planning & Zoning Commission echoed this sentiment. “We were very pleased to have this project come to our desk for review and approval,” she said. “Trinity Housing Development also confirmed to city staff that this will be a $9m project of which $6m will be hard construction costs. This is good for the City’s economy overall.”
According to Fogel, the rental property which will be named “Marshall Crossing” will be an age-restricted development for tenants 55 and older. “We are working hard to meet our goal to start construction by early summer of 2022.”
City Manager, Mark Rohr, said one of the primary goals of the City’s “Mobilize Marshall Strategic Plan” is to Improve Economic Development in the short term and an additional objective is to establish alternatives for Senior Housing. “It is important to increase the availability, financial accessibility, and support for safe, decent, and affordable senior housing in Marshall. Ultimately, projects like this will enhance the quality of life for our senior citizens in the City.”