WACO, Texas (KXXV) — A new affordable housing development for seniors is coming to Waco, offering 296 units designed specifically for neighbors living on fixed incomes.
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The Waco Housing Authority, Winterhawk LP, EG Realty and other partners are working to bring the Shady Acres Bungalows project to life on Airport Road.
Jimmy Meeks, owner of Winterhawk LP, said his mother inspired him to create the development after a personal experience caring for her.
"Basically, this kind of started when my father passed away. My mom, we built her a little apartment on the side of my house and she's like, everybody should have one of these," Meeks said.
The project addresses a significant housing shortage in Central Texas. Developers say a market study showed Waco needs 9,000 units of affordable housing right now.
"She and her friends, I mean, they're on a limited income. And I just can't imagine the people that can't afford what they're, what they're needing," Meeks said.
The project on 6900 Airport Road has been in development for two years. Developers recently purchased 10 additional acres to expand the project and add more units.
The bungalows will feature one and two-bedroom mid-century modern style duplexes with extensive community amenities.
"We'll have the clubhouse, which is essentially a community center, we'll have gardens, we'll have the dog parks, we'll have the walking trails," said Jana Heney, Vice President of Winterhawk LP.
Kirk Regian of EG Realty emphasized the community-focused approach to the development.
"We want to make it a community, not just a place where you come home and shut the door and don't come outside," Regian said.
The $35 million project will utilize tax credit financing to maintain affordability.
"We have applied for what's called the 4% tax credit, which will help bring the affordable piece down," Regian said.
The Waco Housing Authority will set rental rates as development continues, though exact pricing has not been announced yet.
Meeks said this project could serve as a model for future developments.
"Our team is looking to do this again outside of Waco. So this is our kind of guinea pig on ourselves," Meeks said.
Developers hope to break ground early next year and complete the project within 18 to 24 months.
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