Palm Tree Apartments

New Multi Family

New small commercial

Six Points Urban Village Boundary

The Palm Tree Apartments

A Project with many goals….•Reduce homelessness•Address neighbor concerns with “vagrancy”•Support urban village revitalization•Get past NIMBY and low income housing antipathy•Address problem properties•Do it cost effectively in our lifetime…..How do we do all this?....

Managing Diverse Perspectives in Gentrifying Community

Owner• Cost

Control• Mission

Residents• Sustain

housing• Quality of

life

Palm Tree Neighbors

City

Investors

SafeAttractive

$$$$$$Proper

ty Values$$$$$

$$$$$$Attract Capital$$$$$

Ending Homelessness

$$$Cut Cost$$$

Mission: Palm Tree Apartments

• To provide safe, clean, attractive, supportive, and well-managed permanent housing for those who have the most difficulty finding and maintaining housing.

Palm Tree Apartments Partnership

Paulos Foundation/PF Residential LLCPhysical Capital/Case Management Financing/Overall Management

QuadCo Property Management

Fort Worth Housing AuthorityProject Based Vouchers

Subsidies for Occupancy/Operating Expense

DRC SolutionsOn-site Case Management

What’s makes this model work?RelationshipsTarget

Community Problem

No Debt

No Gov’t Capital

No Rezoning

Improve bad property

On-site Support

Housing First

Results So Far – Five Months Occupancy• 1955 Building – Victim of Disinvestment• Deteriorated Roof, HVAC, Electrical, Plumbing, Structural, Code violations• “All in” cost: $1.4M; $90/sft; $56k/unit; Rehab cost: $45/sft; $29k/unit• Eight months from closing to move in

• Occupancy• Median rent $620, median sft 450• Cash flow, net income positive at second month

• Community Impact: • Welcome participant in Scenic Bluff NA meetings and activities• Crimes against persons and property below city-wide rates• Crimes against property down 23% from 2015• Drugs/Narcotics violations down 38% from 2015• Disorderly Conduct down 60% from 2015

• 28 Residents• 80% recruited from unsheltered situations• 60% over age 50, 75% with chronic illness• One eviction for lease violation• Median resident rent contribution $210• Residents with no income contribute to maintenance