A median-income family in Fort Worth can no longer afford a median-priced home in the city.
That’s the headline from a new plan city leaders hope will address housing affordability.
Fort Worth’s Neighborhood Services presented a 5-year plan Wednesday to improve neighborhoods and address affordability.
“[We’re] right at the doorstep of an affordable housing crisis so we want to be proactive in addressing that and we think this gives us a roadmap to address those concerns,” said Victor Turner, Director of Fort Worth’s Neighborhood Services.
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The report states Fort Worth is adding new jobs faster than housing, which is rising costs and hitting some neighborhoods harder than others.
The study cites neighborhoods like Stop Six and Poly where the city says home values have tripled in 7 years and adds citywide rent jumped 22.8% since March of 2020.
“The public sector has a role in trying to level the playing field somewhat,” said Turner.
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Some of the ideas include establishing a land bank to acquire foreclosed properties so new housing can be built, expanding programs to help residents afford their existing homes and creating community land trusts to ensure some homes always remain affordable.
The plan also calls for continued investment in underserved neighborhoods.
“Where it won’t matter where you live in Fort Worth that you have a decent place to live,” Turner said.
The city council will take up the proposals and debate costs in the coming weeks.
