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Blackstone affiliate seeks 252 affordable housing units in Denton

The plan includes a potential 100% property tax exemption that could cut expected property tax payments by about $527,451.

Reported · Written up by our desk · Residential

A Blackstone portfolio company, April Housing, has applied to build 252 affordable housing units in Denton, Texas, according to ConnectCRE.

Community Impact reports that the Denton City Public Facility Corp. will review the permit and consider a property tax exemption for the project.

Of the 252 units, 165 would be designated as affordable for households earning less than 50% of Dallas area median income, or AMI. Affordable rents would range from $535 per month for a one-bedroom unit at 30% AMI up to $1,329 for a three-bedroom unit at 50% AMI, with three-bedroom units at $1,634 per month for renters earning 80% AMI.

The developer is seeking a 100% property tax exemption, which ConnectCRE says would save the project about $527,451 in property tax payments. April Housing is headquartered in Los Angeles and oversees a large portfolio of LIHTC housing, the outlet added.

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