POTTSBORO — Pottsboro will soon see a $3.5 million boost to their property value and an enviable new water customer.
Abbington Junction, a new apartment complex based in Pottsboro, recently earned state funding and is set for construction soon. As the recipient of an award from the Texas Department of Housing and Community Affairs, the state will pay for the initial 9 percent investment for the apartment complex, a multi-million dollar investment. Out of the 19 counties in the rural area of North Central Texas, Pottsboro was the only application awarded the state funding.
“We can’t wait to get started,” Pottsboro City Manager Kevin Farley said. “… (This will be good for) either existing Pottsboro residents who want to live in something new and energy-efficient or people who are new to town as well.”
Abbington Junction will be designed as high-quality, multi-story complex comprised of hardiplank and brick exterior, with energy efficiency and sustainability in mind.
“They approached the city concerning our support for a tax credit application that they were putting together to submit to the Texas Department of Housing and Community Affairs for funding,” Farley said. “… Our role was to provide support for the application if we felt like that was going to be a project for the city of Pottsboro.”
The award was earned through a system of points, scoring Pottsboro on items such as community support and cost per beneficiary served.
“We are excited to become a part of the Pottsboro community,” Sean Brady, vice president of development at Rea Ventures, said in a press release. “The city leadership team in Pottsboro is very pro-business and easy to work with. The schools and quality of life are also exceptional. We look forward to supporting the community with quality multi-family housing.”
Farley said there will be 56 units total, nine of which will be at market-rate rent levels and the remaining units will be intended for affordable housing occupants. This means some of the apartments can range from the market value of $775 to $950 a month, and most of the apartments at Abbington Junction will be income-based, and will instead range from $252 to $351 a month, depending on income level and the number of bedrooms.
Typical residents in workforce housing include teachers, entry-level police officers or other emergency responders, retail workers, restaurant staff, bank tellers or retired individuals on a pension, officials said.
“We are pleased to be able to continue to grow and offer another choice to our citizens and newcomers to Pottsboro,” Pottsboro Mayor Frank Budra said in a press release.
Farley said that with the apartments and the joint ownership with Rea Ventures and Austin Stone is a commitment to the quality of the complex.
“There is a 40-year affordability factor, so the owners won’t flip these,” Farley said. “They are also required to maintain the properties, which will be inspected by the state at least annually. … In order to meet that 40-year affordability factor they’ll tend to the complex itself, they will be required to maintain those units at a certain standard. … It won’t just be built, flipped, and then left to go to pieces.”
The owners are looking to use Texoma contractors and sub-contractors to the extent possible, Farley said, providing another factor that Texoma residents could be excited for.
“They’ll be looking for local people to do excavation work, local plumbers, local electricians, local HVAC people as well, local lumber yards and so on,” Farley said.
Farley said he thought the complexes would be beneficial for the city as well as the Pottsboro community.
The apartments will be located on the far south end of Spur 316 on the east side of the road. Construction is expected to begin in December, with lease-up starting in fall of next year.