Ft Worth Times

A partnership between the Fort Worth Housing Finance Corporation (FWHFC) and Ojala Partners LP resulted in the groundbreaking earlier this year on a 288-unit, Class A, workforce housing development called Tobias Place Apartments.

Fort Worth Housing Finance Corporation is dedicated to fostering affordable housing opportunities for residents in Fort Worth. Through strategic partnerships and innovative financing solutions, FWHFC plays a vital role in making affordable homeownership a reality for individuals and families.

The partnership is a testament to the commitment of the City of Fort Worth and Tarrant County to the Hemphill area through addressing the needs for quality, attainable housing, regional infrastructure improvements, environmental remediation and continued economic development efforts to support the community.

The project will bring badly needed new affordable housing to the area, with 100% of units having rents set at a level to serve households making a range of incomes between $20,000 and $60,000.

The groundbreaking marked the beginning of the development, named in honor of Toby Tobias, a longtime community leader and employee of the City of Fort Worth. The property name reflects Tobias’ legacy of dedicated service and leadership in the Fort Worth community and the many generations he impacted through his commitment to coaching and youth sports.

“The fact that this project is being built is, in fact, a miracle,” said Tarrant County Commissioner Roy C. Brooks, who was instrumental in helping the project obtain the needed county funding towards new storm and utility improvements that will serve the neighborhood and the development.

The site was selected due to its strategic location across from the new Victory Forest Community Center and demonstrates the City of Fort Worth’s continued investment in the south Hemphill corridor.

In addition, the project will see Quiet Zone conversions of four Union Pacific railroad crossings in the area to reduce train noise as well as the allocation of American Rescue Plan Act funds to repair aging stormwater infrastructure to reduce flooding impacts to local residents and businesses.

Mayor Mattie Parker said the development will bring “the most deeply affordably housing in the city, less than a 10-minute drive from [Fort Worth’s] largest employment center, our downtown.”

Tobias Place will provide residents with pedestrian access to public transportation, modern amenities, employment centers and educational institutions. The property offers a thoughtfully curated selection of amenities promoting community engagement and a high quality of life and will include a clubhouse with a business center and library, fitness facility, large pool with outdoor grilling stations, a playground with outdoor gaming areas, park space and dog park.

 “To the City of Fort Worth staff and Development Services, I cannot say thanks enough. They have fought arm in arm with us throughout the process of making this development a reality,” said lead developer of the project, Daniel Smith, managing director at Ojala Partners.

The $80 million development was made possible through 10 sources of financing, which include 4% Housing Tax Credits administered by the Texas Department of Housing and Community Affairs, municipal bonds issued by Tarrant County Housing Finance Corporation, construction and permanent financing provided by Regions Bank and Fannie Mae, and numerous sources of secondary financing provided by the Rainwater Foundation, City of Fort Worth, Tarrant County and the developer.

Housing Finance Corp. partners

• Tarrant County ARPA plays a crucial role in the distribution and allocation of funds under the American Rescue Plan Act to address various community needs, including affordable housing initiatives.
• The Rainwater Foundation is a philanthropic organization committed to supporting initiatives that enhance the well-being of communities, with a focus on education, health and affordable housing.
• Ojala Partners is a real estate development firm based in Dallas that focuses on acquiring and developing multifamily and select commercial property types. Ojala Partners owns and operates a wide variety of market-rate and attainable multifamily and single-family rental housing and specializes in developing Class A, mixed-income housing, in public-private partnerships across Texas.

Original source can be found here.