New State Financing to Bring Construction Jobs to Lubbock

Representative Charles Perry and the Texas Department of Housing and Community Affairs have announced state provided financing for rental property in Lubbock.

The property is intended to expand affordable housing for the city’s retirees and young working families. $1.8 million in housing tax credits has been given to private developers to construct the 152 unit Stonebridge at Lubbock.

The properties will be rented to tenants earning no more that 60% of the average median family income, or $32,760 for a family of four. It is expected to generate over 122 full-time construction jobs, $7.9 million dollars in wages and $827,000 in taxes for state and local governments.