Irving, TX (2021)

Housing Channel

With a $6 million allocation, Housing Channel plans to develop Irving Commons, which will offer 28-30 high density homeownership opportunities within the Heritage Crossing

Investment

  • NMTC Amount: $6,000,000
  • Total Project Cost: $7,200,000

IMPACT

  • 36 construction jobs

Investor

Project Description

With a $6 million allocation, Housing Channel plans to develop Irving Commons, which will offer 28-30 high density homeownership opportunities within the Heritage Crossing district. The proposed townhome development is supported by the city which has aggressively targeted the revitalization of the centrally located neighborhood. In this highly diverse city, there is a large disparity of housing affordability for lower wage earners which impedes their families’ economic development. Housing Channel’s past projects have shown a rate of approximately 70% non-white buyers and a similar buyer profile is expected for this development.

The project plans to advance racial equity by providing affordable homeownership opportunities to underserved, minority populations and will help individuals and families build wealth while promoting a diverse and integrated community where all races can enjoy the fundamental value and dignity of owning a home. Housing Channel will serve as the project developer overseeing the construction and will provide realty services to sell the single-family homes and will provide marketing and outreach to low-income households and housing counseling and education to potential low-income homebuyers. Housing Channel will also administer secondary financing for buyers to utilize up to $50,000 in down payment and closing cost assistance to increase the affordability of the housing for low-income families. Housing Channel will work continuously with program partners to ensure the progress of other identified community needs which will benefit the new households and the broader community as a whole.

MAP

222 E Irving Boulevard, Irving, TX 75060

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