A grand opening celebration was recently held in Fort Worth for the Villas of Eastwood Terrace, an impressive new apartment community for seniors. The Villas represents a $10 million investment through a tax-exempt bond issue under the Fort Worth Housing Finance Corporation, a non-profit organization affiliated with the City of Fort Worth, together with HUD's 221(d)(3) FHA Mortgage Insurance Program. Other key partners in the project include Malone Mortgage and Hearthside Development Corporation, a specialist in senior housing.

A number of players came together to help make the Villas a reality. From left to right, Deborah Griffin, president, Hearthside Development/Quest Management; Ray Carson, director, Fort Worth Multifamily Program Center; Jerome Walker, Fort Worth housing director; Ralph Mendoza, Fort Worth police chief; Reid Rector, Fort Worth assistant city manager; C. Donald Babers, HUD deputy regional director; Cathy Bailey, Villas of Eastwood property manager.

The city submitted The Villas proposal to HUD under the FHA Multifamily Housing Programs in 2001, and strategically located the project in a predominantly low-income area of the City that offered negligible housing opportunities for the senior citizens in the community.

The vision became a reality with the opening of the gated community, complete with 40 single-story quadraplexes and amenities that enhance a community environment and quality lifestyle. Twenty-five percent of the units are leased at market rate, while the remaining units are being leased to residents that meet low-moderate income eligibility criteria.

The Villas complement other neighborhood projects developed by the city's finance corporation, including approximately 30 single-family homes adjacent to the Villas. Nearby is also a Minyards grocery store, a HUD Section 108/EDI grant project, which has successfully spurred commercial development to economically revitalize the area, while providing essential services to area residents.

Deputy Regional Director Babers represented the Department on opening day.	Some 75 percent of the Villas will go to residents with low to moderate incomes.