Dominium Preserves Affordable Housing Status for Cobblestone Manor with Planned Renovations

Developer will modernize the housing community for seniors while preserving long-term affordability in Fort Worth

Dominium, a leading national affordable housing developer, owner and manager announced today that it has extended the affordability status of Cobblestone Manor, a 220-unit senior housing community located in Fort Worth, Texas. Dominium will also undertake a $9.775 million rehabilitation of the community.

Planned improvements include upgrades to building exteriors and apartment interiors, as well as enhancements to the clubhouse, outdoor amenity spaces, landscaping and other shared areas. The community consists of 28 cottage-style residential buildings and offers amenities such as a swimming pool, clubhouse, fitness center and additional resident-focused features.

Originally constructed in 2007 with support from the 4% Low-Income Housing Tax Credit (LIHTC) program, Cobblestone Manor was acquired by Dominium in October 2011, at which time the company also assumed property management responsibilities.

The LIHTC program is the nation’s primary resource for the development and preservation of affordable housing. In exchange for tax credits, developers and operators agree to maintain rents at a level tied to the Area Median Income (AMI). LIHTC-financed developments play a critical role in strengthening local housing markets by increasing the supply of high-quality, affordable homes.

Dominium extends its appreciation to its development partners, including Freddie Mac, PNC Bank, the Texas Department of Housing and Community Affairs, Texas Bond Review Board, Development Corporation of Tarrant County, Dominium Construction & Architectural Services, Winthrop & Weinstine, Quiddity Engineering, Stewart Title Company and Braun Intertec Corporation.