Texarkana, Texas City Council approved a resolution allowing low-interest rate loans for development of the Grim Lofts Project.
The resolution provides low-interest loans for the project that are backed by the Environmental Protection Agency and the Department of Housing and Urban Development.
Developer Jim Sari recently told the council that he wanted to build market rate units but the math just doesn’t work. “A two bedroom, 1,000 square foot unit needs to be $1200-$1500 a month, and those rents just aren’t here in this town.”
Sari says that all 98 units will be affordable-rate units.