The Brazos County Housing Finance Corporation has given approval for Envolve Property Management to proceed with the acquisition of Southgate Village, a low-income housing complex in Bryan, Texas. The residents of Southgate Village rely on Section 8 vouchers to afford their rents. County Commissioner Chuck Konderla emphasized the need for improvement and maintenance of the 50-year-old property. With the approval, Envolve Property Management can now apply for a revenue bond from the Texas Bond Review Board to purchase and renovate the complex.
County Commissioner Wanda Watson, however, expressed concerns about the potential displacement of current residents due to the prime location and rising property values in Brazos County. Watson abstained from voting until her concerns are addressed. In response, the resolution was amended to include stipulations such as a 20-year agreement to maintain Section 8 rent pricing, aiming to protect the existing residents throughout the process. Konderla assures that the outcome will lead to an improved property and continuation of affordable housing options for people in need.
The purchase and refurbishment of Southgate Village are estimated to take approximately one year. The decision by the Brazos County Housing Finance Corporation opens the opportunity for Envolve Property Management to revitalize the 50-year-old affordable housing complex. With the assistance of a revenue bond, Envolve can proceed with plans to improve the property while ensuring that residents can continue to rely on their Section 8 vouchers for affordable rent. Although concerns were raised about possible displacement due to the location’s increasing property values, measures such as a 20-year agreement to maintain Section 8 rent pricing have been included in the resolution to safeguard the current residents. This latest development indicates a commitment to preserve affordable housing options in Brazos County. The anticipated timeline for the entire process is estimated to be around a year.
