(AUSTIN) — The Texas Department of Housing and Community Affairs (“TDHCA”) has announced that it will help finance the acquisition and rehabilitation of a 32-year old affordable rental property in Grand Prairie, preserving housing options for income-eligible tenants.

TDHCA awarded a funding package that could total $34.5 million to private developers proposing to substantially rehab the Williamsburg Apartments, a 418-unit complex located at 2421 S. Carrier Parkway.

The package includes a loan of $23.1 million derived from mortgage revenue bond proceeds as well as an allocation of housing tax credits, the sale of which is expected to generate approximately $11.4 million in equity financing for the development.

In exchange for this financing, the Williamsburg Apartments will set aside all 418 units for tenants who earn no more than 60 percent of the area median family income. For Grand Prairie, this equals an annual income of $42,240 for a four-person household.

“TDHCA recognizes that Grand Prairie has a need for quality affordable housing for the many young working families and retired residents who call the city home,” said TDHCA Executive Director Tim Irvine. “This funding package will not only help meet this need, it will help maintain the city’s existing housing stock and maximize the state’s resources.”

In addition to a lowered rent, properties funded though the Mortgage Revenue Bond and Housing Tax Credit programs also provide supportive services designed to foster self-sufficiency among young families or promote a healthy environment for older tenants.

Examples typically include credit counseling, financial and computer literacy classes, and General Educational Development (GED) courses for younger adults; and transportation services, health screening, and nutritional programs for seniors.