ALTUS – A new residential addition that will provide up to 112 multi-family homes received final approval by the Altus City Council Tuesday, Aug. 3.
Bids on the development’s streets, water and sewer systems will be taken in 30-45 days, Altus City Manager Gary Jones said. The development is known as The Trails at Veterans Court. The development consists of 28.67 acres with The Trails comprising the project’s first phase. Room exists within the development for about 200 more homes, which could consist of multifamily and single-family dwellings.
“We believe it will be about 60 days to begin construction (of the infrastructure),” Jones said. “This type of multifamily or workforce housing is not only for the Air Force or civilians who work there, but for anyone who is coming here to work and needs a home. Right now, there is an extreme shortage of housing in Altus.”
The initial development will provide anywhere from 6-plexes to 12-plex single-story units that will have two and three bedrooms. The first phase was approved by the Altus Planning Commission July 26. The Planned Unit Development will include commercial and recreational uses such as parks and trails.
“We’re hoping in six to eight months we’ll have people living there,” Jones said.
The development will be operated in a way that doesn’t saturate Altus’ real estate market, the city manager said.
“We do not want to crash the market with this,” he said. The development’s builder will be Jed Winters.
A housing study conducted by city officials in 2020 uncovered a limited supply of affordable multifamily housing. According to the study, about 270 maintenance mechanics will be needed at the Altus Air Force Base because of pending retirements. A majority of those retiring workers intend to remain in Altus. In addition, about 75 simulator contract employees are being recruited to work at the base.
Altus Air Force Base is the premier Air Mobility Training location in the U.S. Air Force with approximately 1,400 military members, 1,460 civilians and 270 contractors. On average, about 400 students are in training at any given time, according to the study.
New rental housing must also be affordable, according to the study, which shows the median gross income for households in Altus is $39,780 a year, or $3,315 a month. Median rent in the city is $727 a month.
The study shows households that pay more than 30% of their gross incomes are considered to be rent overburdened. In Altus, a household making less than $2,423 a month or $29,076 per year would be considered overburdened when renting an apartment at or above the median rent.
The study’s authors recommended the city consider additional areas that may be appropriate for residential density.
“Strategies include up-zoning in residential zones or allowing housing in commercial zones (either through the adaptive reuse of existing buildings or through changing regulations within these zones to allow for more residential uses and mixed uses as appropriate),” the study’s authors wrote.
“Given the rising cost of housing in Altus, it is likely that there will be a growing demand for housing that is denser and more affordable than the traditional single-family developments.”
As of the 2019 U.S. Census, about 41% of Altus renters are overburdened, the housing study shows.
During the past eight years, Altus rental rates have fluctuated, but most recently, rates have been trending upward at a rapid rate. In 2012, the average monthly rent for a two-bedroom apartment was $620. That rate dipped to $580 in 2018, but quickly escalated to $773 in 2020, the housing study shows.
“Low vacancy appears to be putting significant pressure on the long-term rental housing supply and upward pressure on rents,” the study’s authors wrote.