Atlantic Housing Foundation secured refinancing for three affordable housing properties in North Texas as the Trump administration pursues massive cuts to federal housing programs.
The $55 million deal covers 622 units across three properties, according to a release from Greystone, which provided the financing. That works out to $88,400 per unit.
Greystone’s Miryam Reinitz-Kops and Jon Morales arranged the financing.
The deal will refinance 296-unit Quail Ridge, at 4500 Brentwood Stair Road in Fort Worth; 176-unit Silver Leaf Villas, at 8515 John T. White in Fort Worth; and 150-unit Redbud Trail, at 1300 North Redbud Boulevard in McKinney. The properties feature community centers, playgrounds and laundry facilities.
The loans are insured by the U.S. Department of Housing and Urban Development.
The deal comes as Congress hammers out a budget for 2026. Trump’s original proposal cut HUD funding by nearly $33 billion, which included a $26.7 billion reduction in federal rental aid. The funding slash would basically end housing voucher programs, including Section 8, NPR reported.
HUD Secretary Scott Turner said the budget “rightfully provides states and localities greater flexibility” while streamlining existing programs.
Michael Nguyen, CEO of Atlantic Housing Foundation, said the financing will be used to update the properties, thus extending “the useful life of much-needed housing in the region.”
Atlantic Housing Foundation is a nonprofit that specializes in housing “for low and moderate-income families.” It owns and operates apartment buildings, student housing and senior housing in the Sun Belt, including eight other properties in Dallas-Fort Worth as well as properties in Houston, Austin, San Antonio, College Station and San Marcos.
A one-bedroom apartment at one of these communities starts at about $1,000 per month. Asking rents average $1,518 per month in Dallas-Fort Worth, according to Yardi Matrix. The national rate is $1,726 per month.
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