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City leaders and those involved with the Stop Six Choice Neighborhood Initiative participate in the groundbreaking ceremony for Hughes House at the corner of East Rosedale Street and Amanda Avenue in June 2023. (Sandra Sadek | Fort Worth Report)
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The Texas Department of Housing and Community Affairs awarded over $95 million in housing tax credits to help finance the development or rehabilitation of more than 60 rental properties, offering reduced rents and increased housing options for Texans throughout the state, including four in Fort Worth. 

These awards have an approximate value of $95 million over a 10-year term and are provided through the TDHCA Housing Tax Credit Program. The housing tax credits will help developers construct or rehabilitate more than 4,400 units offering affordable rent to households earning up to 80% of the median family income in their respective areas, according to a news release from the agency. 

The four properties in Fort Worth are: 

Hughes House III, 4912 E. Rosedale St., an affiliate of Fort Worth Housing Solutions and McCormack Baron Salazar, which has 54 low income units and 24 market rate units. It received $2 million in housing tax credits. 

Maren Grove, 801 W. Shaw St., an affiliate of O-SDA Industries LLC, is a multifamily rental development next to the Our Lady of Victory Academy property in south Fort Worth. Maren Grove will have 90 low-income units for lease. It received $2 million in housing tax credits. The proposed new construction is part of a development that includes the adaptive reuse of the historic Our Lady of Victory Academy, and a four-story multifamily addition. The project was denied without prejudice by the Historic Landmarks and Cultural Commission in July. The commission wanted the developer to work out several issues related to the project. 

Georgian Oaks, 210 E. 7th St., an affiliate of O-SDA Industries, received $2 million in housing tax credits. The development is building 95 units aimed at the senior population. 

Delara Chase, 4805 Altamesa Blvd., an affiliate of O-SDA Industries, received $2 million in housing tax credits. The project is building 110 units aimed at low-income users and six designed as market rate housing. 

The Fort Worth City Council in February voted to recommend those four projects and three others for the tax credits. The three that did not receive tax credits were Huntington Place Senior Living Parkwood Hill, a 90-unit project at 5601 Basswood Blvd.; Sycamore Senior Living, an 88-unit development at 1651 Sycamore School Road; and Lofts at Redwood, an 88-unit development at 5008 Collett Little Road.

When developers receive the tax credits, they then sell them to investors and use the funds to offset the cost of providing affordable units at various levels of the area median income. The investors use the tax credits to offset a portion of their federal tax liability. If a project is awarded tax credits, developers will then also be eligible for up to $30,000 in fee waivers from the city.

“The Housing Tax Credit Program serves as a crucial factor in making affordable housing available to hard working families, senior citizens, and persons with disabilities,” said Bobby Wilkinson, executive director of the state agency, in a statement. “Today’s awards are an example of how the public and private sectors can come together to create a positive and long-term impact in communities around the state, including the rehabilitation of properties at risk of losing their affordability.” 

The Housing Tax Credit Program, authorized under the United States Internal Revenue Code, is the state’s primary means of directing private capital toward the development of affordable rental housing. 

Cork & Pig, entertainment set for Willow Park 

Cork & Pig Tavern has signed on to join the restaurant lineup at The District at Willow Park in summer 2025. Led by Felipe Armenta, John Nestor, Virginia Dalbeck and Ed Buenaventura, the Willow Park location will be Cork & Pig’s seventh location. Cork & Pig joins Melt Ice Creams, The District Butcher, Lone Star Dry Goods and The Lumen Room.

Wilks Development also announced that The District at Willow Park will kick off live music and events beginning Aug. 2. The kickoff event is free to the public and will feature area acts including Straight Tequila Night.

The District at Willow Park includes a 1,500 to 2,000-person capacity amphitheater. The event will be supported by food trucks and local vendors as finish-out construction continues on tenant spaces.

Corinth Land acquires Southlake business park 

Fort Worth-based Corinth Land Co. recently acquired the Bank Street Business Park at 351 Bank St., Southlake. The six tenant business park includes 7,200 square feet and is 100% occupied. The purchase was financed by Pinnacle Bank of Fort Worth with equity provided by Corinth Land Co.

“While we have significant investments throughout North Texas, this is our first in the Southlake market which historically nets high rents,” said Paun Peters, president and founder of Corinth Land. 

Former Audi car dealerships sold 

Fort Worth-based LanCarte Commercial has sold two former Audi car dealerships on University Drive in Fort Worth.

The transaction was facilitated by Sarah LanCarte and Jenny Carlstrom of LanCarte Commercial.

Located at 116 and 211 University Drive, the property is just minutes from downtown Fort Worth and the West 7th entertainment district. It is also catty-corner to the $850 million multiphase mixed-use development at the corner of White Settlement and University Drive.

“This area in 10 years won’t look the same,” said LanCarte. “The amount of development planned for this area is exciting and with the LanCarte office nearby, we will have a front row seat.”

Do you have something for the Bob on Business column? Email Bob Francis at bob.francis@fortworthreport.org.Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.