A 91-unit development with an adaptive reuse of the historic Riverside Baptist Church into 69 apartments plus the construction of a new three-story building behind the church with 22 apartments. 80-units are reserved for families earning 30-60% of the AMI. 5-units are for mobility impaired and 2-units are for hearing or visually impaired individuals. Amenities include a fully furnished clubhouse with community room, business center, leasing center, fitness center, and bicycle parking. Community features local public art by Gregory Beck. Church was built in 1924 and is on the National Register of Historic Places.
Project Size: 50+ Units
Completed: 2022
Cost: $22000000
Location: Fort Worth, TX
Affordable Housing and Shelter on Faith Land Database
Cielo Place
Project & Congregation Details
Congregation Information
House of Worship: Riverside Baptist Church
Denomination: Baptist
Leadership: Saigebrook Development
Location Information
State: TX
City: Fort Worth
Geography: Suburban
Neighborhood: Riverside
Project Information
Approval: 2020
Completed: 2022
Cost: $22000000
Developer: Saigebrook Development
Architect: Miller-Slayton Architects and Ink & Oro
Land: Sold
Housing Type: Affordable Rental
Funding
State
State of Texas historic tax credits, which contributed to a $2.7 million loan for the development
Federal
Low-Income Housing Tax Credits with $15.1 million in equity from Hunt Capital Partners and federal Historic Tax Credit equity through a proprietary fund with JPMorgan Chase
Other
JPMorgan Chase Bank provided a $17.5 million construction loan as well as a $3.5 million permanent loan commitment through Impact C.I.L.;