SilverLeaf at Chandler The Texas Department of Housing and Community Affairs has awarded more than $500,000 in tax credits to SilverLeaf at Chandler.

The second construction phase of the governmentsubsidized apartment community on Farm-to-Market Road 2010 is expected to be complete in about three months. Some units at SilverLeaf at Chandler were to be available this month.

An $8 million project, SilverLeaf is for tenants 55 and older who are on fixed incomes. The oneand two-bedroom units range in price from $194 to $565.

Texas Rep. Betty Brown said the development im- proves the quality of life for Chandler residents.

“The population of Chandler has increased by more than 25 percent since 2000,” she said. “This project, when completed, will provide safe homes and an atmosphere to enrich the quality of life for deserving low income individuals. Making life better for our fellow Texans is something we can all be proud of.”

Brown The first phase includes 30 units and a clubhouse. More than 70 units are scheduled to be built by Neches Construction.

Alpha-Barnes Real Estate Services of Dallas is managing the property.

Chandler’s Economic Development Foundation, which Moffeit chairs, provided a $100,000 loan to Solutions Plus in 2009 to help cover the cost of infrastructure.

And last November, the city approved a resolution “declaring support” for SilverLeaf to apply for assistance from the Texas Department of Housing and Community Affairs this year.

The state program provides grants and loans to help governments and agencies build affordable housing to low-income families.

“The Housing Tax Credit Program is the state’s most productive resource for developing affordable rental housing,” TDHCA Executive Director Michael Gerber said.

“We are confident that this award will have a dramatic and positive impact on older residents of Chandler living on fixed incomes. The added bonus will be the creation of numerous construction jobs, as well as taxes and fees that help provide essential public services at the local level.”

SilverLeaf, officials have said, is expected to create two to four jobs and enhance the area’s economy, with about 70 percent of SilverLeaf tenants moving here from outside Chandler.

The SilverLeaf award was one of 55 TDHCA made through the 2010 Housing Tax Credit Program allocation, according to a press release. The tax credits allow private investors to offset a portion of their federal tax liability for the construction of affordable rental housing.

Properties funded though tax credits must reserve a specific number of units for income-eligible tenants and cap rents at set levels to ensure affordability, the press release said.

SilverLeaf tenants can earn no more than 60 percent of the area median family income. For Chandler, that is $27,840 for a family of four.

According to the National Association of Home Builders, the one-year impact of a typical 100-unit property developed through housing tax credits includes 56 full-time construction jobs, $5.4 million in total wages and salaries, and $862,800 in taxes and other revenue to state and local governments.