Thanks to soaring demand from new corporate residents such as Toyota and Liberty Mutual Insurance, the Plano real estate market is hot, red hot. The words “affordable”, “homes” and “plano” are rarely used in the same sentence–unless perhaps if the word “not” is also included.
Today however, thanks to a $300,000 Affordable Housing Program (AHP) grant provided by Guaranty Bank & Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas) has made an affordable townhomes project possible, said Jean Brown, executive director of the Plano Housing Corp.
“This grant was paramount to us as it covered our gap in financing,” Ms. Brown said. “Without this grant, the project wasn’t financially feasible due to fluctuations in the equity markets when we were seeking funding.”
The $11.5 million, 40-unit townhome community, called Veranda Townhomes, will be built at the northeast corner of McDermott and Coit roads. Construction is expected to start soon and take about 10 months. The townhomes are scheduled to open in December 2018 and will be available to individuals and families making 60 percent below the area’s median income. Each townhome is individually platted to allow them to convert into for-sale homes after 15 years.
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“The north Dallas housing market is booming right now,” said Robin Sharp, executive vice president at Guaranty Bank & Trust. “Making affordable housing available to our customers is important to us, which is why we’re happy to partner with FHLB Dallas through the AHP.”
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said many of the people who work in Plano’s service industries such as retail and hospitality, are getting priced out of the market, forcing long commutes from more affordable cities.
“With Veranda Townhomes, families will have access to Plano’s high-quality schools and lifestyle amenities and they will be able to live in the same city where they work,” Mr. Hettrick said. “This would not be possible without our long-time partnership with Guaranty Bank & Trust.”
Ms. Garmon said the project is a good start but the need is great. “We wish the Plano Housing Corp. much success with Veranda Townhomes and hope it is the start of many more good things to come.”
UPDATE: What does this mean?
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