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The original item was published from 8/12/2022 8:20:00 AM to 8/12/2022 8:21:17 AM.

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Posted on: August 16, 2022

[ARCHIVED] Developer announces new apartment complex for seniors

A multi-story apartment complex with small balconies

PHOTO #1: This illustration provided by FishPond Development LLC shows a future FishPond apartment complex in Alice, Texas. FishPond is planning to build a similar three-story complex in Victoria.

PHOTO #2: This map shows the future location of FishPond at Victoria, a new apartment complex for seniors.

FishPond Development LLC has announced its intention to build FishPond at Victoria, a 75-unit apartment complex for seniors near Airline Road and Navarro Street.

Earlier this year, the City Council passed a resolution expressing its support for FishPond’s application for the Texas Department of Housing and Community Affairs’ (TDHCA) competitive Low-Income Housing Tax Credit program.

Jeff Bauknight“Affordable housing developments like this one help to ensure that all our residents have a dignified place to live,” said Mayor Jeff Bauknight. “We are committed to helping developers leverage state and federal resources so that we can encourage affordable housing development in a fiscally responsible manner.”

On July 28, FishPond at Victoria was approved by the TDHCA to receive an allocation through the tax credit program, so the developer plans to move forward with the project.

“We appreciate all the guidance and assistance the City officials provided during the application process and look forward to working closely with the City to create an affordable community for seniors in and around Victoria,” said David Fournier, principal of FishPond Development. 

Advocating for Victoria developments

In 2020, City Manager Jesús A. Garza and Assistant City Manager Mike Etienne met with Texas Department of Housing and Community Affairs leadership to advocate for changes to the competitive tax credit program to make it easier for developments in Victoria to receive funding.

Previously, the program’s scoring system gave high points to cities with more than 100,000 residents. Also, developments were required to be within 2 miles of a shopping complex.

Jesús Garza portrait“The application criteria were built on an assumption that affordable housing shortages are more of a problem in larger and more densely populated cities, so those were the cities that were getting all the projects,” Garza said. “We know that the housing crisis is affecting Victoria, too, so we worked with state officials to make sure developers that want to build here would have a fair chance of getting funded.”

In 2021, the TDHCA updated the application process to lessen the weight of population size in the scoring system and increase the maximum distance from a shopping complex to 4 miles.

About the apartments

FishPond at Victoria will include 75 units for residents aged 55 and older who earn less than 60% of Victoria’s area median income, which varies depending on household size. Area median income is updated yearly by the Department of Housing and Urban Development.

Household size

1

2

3

4

60% AMI (2022)

$30,360

$34,680

$39,000

$43,320

 Income includes Social Security and other benefits.

Units will be priced according to residents’ income.

Unit size

1 bedroom (663 square feet)

2 bedrooms (922 square feet)

Number of units

57

18

Estimated monthly rent

$350-750

$400-890

How it’s funded

The complex is 70% funded through the TDHCA tax credit program, with the remaining 30% coming from private sources. No local funding is currently included as a source, and the Victoria Housing Finance Corporation did not issue any bonds to finance the project.

Mike Etienne, Assistant City Manager“The new complex is expected to generate about $155,000 in annual property taxes for the City and other taxing entities,” Etienne said. “We’re excited for this new development that will enhance livability for our seniors and benefit our city economically.”

As part of the City Council’s resolution of support, which was included in FishPond’s application for the tax credit program, the City agreed to waive $500 in building permit fees for the project.

What’s next

The City and FishPond will host a community meeting in the fall to discuss the project with residents.

Construction is scheduled in early 2023. Leasing is expected to begin in fall 2024. This timeline is subject to change amid ongoing inflation and supply chain issues.

For more information about the complex, contact Lisa Vecchietti with FishPond Development at lvecchietti@fishpondliving.com.

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