Expanding Affordable Housing Keene, TX
October 20, 2025 – Keene, TX – The Dallas-Fort Worth metro area faces a critical affordable housing shortage with only 17 affordable homes for every 100 renter households in need. This leaves nearly a quarter of area households severely cost burdened (50% or more of household income is devoted to rent), according to The Dallas Morning News.
Covington Acres, a brand-new apartment community, will bring 252 brand-new apartment homes for those in need of affordable housing. The community, developed by Kittle Property Group, Inc., will offer 1-, 2-, 3- and 4-bedroom floor plans, all at 60% Area Median Income (AMI). Throughout the development process, the City of Keene has recognized the importance of expanding housing options in the area. “The key to making it work is being open to partnerships, creative solutions and keeping the needs of our residents as our top priority,” stated Mayor Lisa Parrish. “We welcome solutions like Covington Acres that will help 252 area individuals/families gain stability and peace of mind when it comes to their home.”
The site plan consists of six, three-story breezeway buildings. Amenities will include a playground, swimming pool, fitness center, business center, activity/craft space, and a dog park. Covington Acres will be located at 2644 E. US 67 in Keene with apartment homes expected to be available in late 2026.
Kittle Property Group, Inc. has partnered with the Texas Housing Foundation (THF) as the Public Facility Corporation for Covington Acres and will serve as the bond issuer, general partner, general contractor (with KPG as the master sub-contractor) and lease-holder of the real estate. “Our partnership with Kittle Property Group allows us to further our mission of helping people find a stable, budget-friendly housing,” stated Allison Smith, CEO of Texas Housing Foundation. “All Texans deserve a place to call home.”
This development is financed by tax-exempt bonds and rental housing tax credits with a construction loan from KeyBank, a permanent loan also from KeyBank, and tax credit equity from Key Community Development Corporation.
