HARLINGEN — Rents aimed at low-income residents have been set for the city’s first high-rise apartment development.
All of Baxter Lofts’ 24 units will be rented as affordable housing, following the U.S. Department of Urban Development’s criteria.
When the city and MRE Capital launched the project in late 2015, the developer said six units would be rented at market rates.
Because the Texas Department of Housing and Community Affairs awarded the developer $3.3 million in federal tax credits to help fund construction, MRE Capital must rent the units as affordable housing following federal guidelines.
Depending on income and other factors, Baxter Lofts will rent its one-bedroom apartments from $239 to $600 while its two-bedroom apartments will rent from $275 to $800.
Residents with incomes ranging from $11,880 to $33,900 might qualify to rent units.
Meanwhile, two-bedroom apartments will include households with up to four tenants.
Sanger said the company, which will manage the development for MRE, said it will conduct background checks to screen applicants.
Downtown property owners are counting on the company to rent to good neighbors.