The Texas Department of Housing and Community Affairs announced on Apr. 1 that two recent affordable housing developments in Alice, Texas, have made a significant impact on the local community. FishPond at Alice and MillPond at Alice were both awarded competitive housing tax credits by the department in recent years.
Affordable housing is often difficult to establish in rural areas due to lower median incomes, older infrastructure, and rising costs for labor and materials. The new developments in Alice aim to address these challenges by providing quality homes for residents who need them.
Mayor Cynthia Carrasco said, “These developments (Fishpond at Alice and Millpond at Alice) have had a positive impact on our community by improving the quality and condition of housing in the area and helping revitalize properties that needed rehabilitation. The improvements have contributed to a stronger sense of pride in the neighborhood and have provided residents with safer, better-maintained places to live. Overall, the investment has helped strengthen the community and support continued growth within our city.”
FishPond at Alice is an elderly limitation tax credit development for those ages 55 or older built on the site of an old hospital. MillPond at Alice is a rehabilitated property that replaced aging public housing units. David Fournier, principal at FishPond Development LLC, said his team faced challenges such as abatement and demolition work as well as unexpected repairs including replacing sewer lines and termite-damaged framing. “For FishPond Alice, the biggest challenge was the abatement and demolition of the structure in an infill location,” Fournier said. “With MillPond, the challenge was working around existing tenants…including replacement of all sanitary sewer and replacement of a significant amount of termite damaged framing.” He also noted strong support from city officials: “The City Manager, Mayor, Council and all City staff have been incredibly supportive…the city was thrilled for the rehab.”
FishPond received $1,159,432 through initial awards between 2021-2023 while MillPond received $1,017,100; together these projects brought over $18 million into Alice over ten years through equity investments tied to tax credits.
Carrasco concluded: “When communities have adequate affordable housing options it supports economic stability workforce retention and overall quality of life for residents.” Both properties are currently accepting inquiries from prospective tenants.
