Press release from The NRP Group
With a population nearing 70,000, Victoria, Texas, is a growing community in need of additional low-cost workforce housing options for new and current residents. Victoria's community leaders, along with multi-family housing developer The NRP Group, are proud to announce a partnership that will take the city one step closer to revitalizing the southside of Victoria.
The area known as Silver City has been traditionally overlooked by developers. However, the City of Victoria and the Victoria Housing Finance Corporation see the potential in the community, and they have been working with developers on a strategic plan to reinvigorate the area. This partnership has led to a new development that is still in the planning phase, but it has been tentatively named Odem Street Apartments. The official name of the community will be selected once construction begins.
On Sept. 7, the Victoria City Council approved a resolution authorizing the Odem Street Apartments to proceed with an application to the Texas Department of Housing and Community Affairs to help finance the development. The NRP Group plans to break ground on the Odem Street Apartments project in the summer of 2022, with the first apartment homes open for leasing in the fall of 2023. The target completion date for the entire community is slated for the spring of 2024. These dates are still tentative and are contingent upon receiving approval and financing from the state.
The property will feature a vibrant community of affordable apartment homes for workforce individuals and families. It will include a 24/7 workout facility, a community space, a business center equipped with Wi-Fi and printers, and a child-friendly swimming pool. The NRP Group has been collaborating with Victoria city leaders for 18 months to realize the targeted goal of bringing much-needed new affordable housing to the city’s southside.
Housing will be reserved for residents who earn up to 70% of Victoria’s median family income, which varies depending on household size. According to the U.S. Department of Housing and Urban Development, 70% of the 2021 median family income for a family of four in Victoria is $52,080. To find out if you qualify, visit www.victoriatx.gov/cdbg. Units will be priced according to residents' income:
|Unit size||Number of units||Estimated monthly rent|
|1 bedroom, 1 bathroom||12||$312-813|
|2 bedrooms, 2 bathrooms||132||$379-1,023|
|3 bedrooms, 2 bathrooms||134||$441-1,185|
|4 bedrooms, 2 bathrooms||36||$489-1,318|
City Manager Jesús A. Garza is working closely with Mayor Jeff Bauknight, City Council members and other city officials to achieve this goal. In 2020, the city developed a detailed Housing Needs Assessment that identifies specific housing needs in Victoria and outlines feasible solutions to help meet these needs. The study shows that the Housing Affordability Index (HAI) in Victoria is disproportionately higher than the rate in the rest of Texas, so the need for affordable rental housing is a high priority for the city. Also, during the development of Victoria’s community-driven 2035 Comprehensive Plan, residents identified the expansion of entry-level and moderate-income housing options as a key goal for the city.
"The timing of this development is perfect,” Garza said. “This will be the City’s second affordable housing development in two years, and it will serve as a catalyst to help encourage additional economic development opportunities on the southside.”
Research data from the completed Housing Needs Assessment uncovered that the city’s economy and housing supply are still reeling from the devastating effects of Hurricane Harvey and the collapse of the Eagle Ford Shale. Rental costs have increased 24% in the past 10 years. Victoria’s volatile housing market has caused an unstable environment for first-time homebuyers and low- to moderate-income residents. In fact, 82.7% of households in Victoria would not qualify to buy a home with a required 20% down payment.
Communities like the southside of Victoria are very vulnerable to overcrowding and depressed living conditions due to this shortage of affordable housing, rising rental costs, growing families and stagnant wages. It is the city's goal to improve the quality of life for residents who call this area home and to offer new and affordable housing options to an area that has been neglected for quite some time. The Odem Street Apartments development will continue to move the city’s strategic plan for southside revitalization forward.
Mayor Jeff Bauknight is enthusiastic about the partnership between The NRP Group and the City of Victoria.
“We are excited to have this opportunity to utilize state and federal programs, in partnership with our trusted developers and our local housing finance corporation, to create a more livable city and to improve the lives of all of our residents,” Bauknight said.
The NRP Group has built an outstanding reputation for developing affordable workforce housing. These carefully planned developments feature spacious floorplans and modern amenities for individuals and busy families who are looking to live within communities that offer both employment opportunities and safe neighborhoods.
The Odem Street Apartments will provide this and more. The development will create a vibrant neighborhood that will become a destination for residents and will attract other developers and businesses to the area, creating a positive growth pattern that will continue for many years to come.
For more information, please contact Jason Arechiga, Senior Vice President of Development for The NRP Group at Jarechiga@nrpgroup.com.