Amid crisis, Fort Worth City Council to vote to stop letting developers opt out of affordable housing

The burgeoning development in Fort Worth, Texas is impossible to ignore, showcased via numerous fresh constructions and expanding infrastructure. However, the swift pace of growth amplifies several issues, a significant one being the scarcity of reasonably priced accommodations. "The situation is quite critical," stated Sarah Odle, the community development coordinator of Fort Worth. "Fort Worth is among the top ten fastest-expanding American cities, but the provision for affordable housing is severely lacking."

Since 2020, the city has experienced a 22.8% hike in rental costs, thereby straining the market and spawning a crisis as rents are surpassing wages, leaving many residents struggling to locate affordable places to live. To alleviate this issue, Odle's division is trying to persuade the Fort Worth City Council to enforce a regulation that could potentially address the affordable housing shortage.

"They will vote on modifying the neighborhood empowerment zone policy and eliminating the option for multi-family complex developers to pay $200 per unit instead of providing affordable housing," explained Odle. The proposal aims to mandate all developers wishing to construct properties within these zones to reserve 20% of their units for individuals eligible for affordable housing, eliminating their right to sidestep this requirement while still availing tax benefits.

Although this could slightly deter developers from undertaking projects in Fort Worth, Odle asserts that the tax abatement's advantages should still appeal to them. The council has hinted that they are inclined to endorse the amendment.

"We attract approximately 20,000 newcomers each year who are drawn here by the job opportunities,” said Elizabeth Beck, councilwoman for Fort Worth District 9. "Therefore, we must remain competitive and continue our growth in a positive manner.”

Upon approval, the amendment will be effectual immediately for all new developers.