Fort Worth is set to take an aggressive stand against a growing housing affordability crisis as the City Council votes on a crucial amendment later this month. With rents ballooning by 22.8% since 2020, officials are pushing for a policy shift that would keep developers from skirting affordable housing obligations.
The proposed modification would eliminate the option for developers of multifamily complexes to pay $200 per unit, instead of providing affordable housing. Despite the potential deterrent this might pose to developers, Fort Worth's neighborhood development coordinator Sarah Odle is hopeful, noting that the tax abatement benefit is substantial enough to keep builders in the game. "They are going to be voting on making a change to the neighborhood empowerment zone policy and removing the option for developers of multifamily complexes, the option to pay $200 per unit in lieu of setting aside affordable housing," Odle said, as per WFAA.
Fort Worth's rapid ascent as one of America's fastest-growing cities, witnesses over 20,000 new residents each year, intensifying the need for affordable living spaces. Elizabeth Beck, councilwoman for District 9, stresses the importance of staying competitive and fostering positive growth. She expressed, “We know that we gain about 20,000 new residents annually and those folks are coming to work at the businesses that we're attracting”, as cited by WFAA.
The amendment, set for a January 23rd vote by the City Council, aims to foster economic diversity within neighborhoods, supported by officials who see the integration of affordable housing into the market as a means to combat income segregation and gentrification. "Concentrating poverty never proves to be a good solution and therefore, by integrating the affordable into the market rate, we create opportunities for lower-income families to prosper," Assistant City Manager Fernando Costa explained. If the council replaces the opt-out clause, it will take effect immediately for all new developments, a move Council member Elizabeth Beck believes is vital in preventing developers from displacing affordable options and pricing out existing residents, according to KERA News.
The city's amendment might mark the end of developers' ability to opt-out, solidifying Fort Worth's commitment to providing varied housing options for its diverse and growing population. Applications already in process would be exempt from this change, leaving room for some developments to progress under the existing guidelines.
