A state housing agency has approved tax credits to help finance the construction of a downtown Dallas affordable residential project.

Developer Matthews Southwest is proposing to build a 15-story apartment project at 2400 Bryan St., next door to the historic Dallas High School building. The proposed rental building would contain 212 apartments, including 105 affordable units.

The Texas Department of Housing and Community Affairs has approved $1.5 million in low-income housing tax credits to help finance construction of the downtown Dallas project. The Dallas development was one of 64 awards statewide totaling $76.6 million.

The developer, Matthews Southwest, recently completed a $50-million restoration of the more than century-old school at Pearl and Bryan streets.

"High quality affordable housing serves as a vital component to the state's economic prosperity, accommodating an ever-expanding workforce and meeting the needs of households living on fixed incomes," housing agency executive director Tim Irvine said in a statement. "The tax credits allocated today give cities and communities long-term solutions for sustainable and purposeful growth, providing a positive impact on local economies by retaining existing households and attracting new residents."

Also included in the tax credit awards was more than $29.4 million for more than 20 projects in Dallas, Fort Worth, Irving, Grand Prairie, Plano, Celina, Wylie, Waxahachie, Garland, Princeton, Crowley, Denton and Rowlett.

Since 1987, more than 247,000 affordable housing units have been built or preserved statewide using low-income tax credits.

The 2400 Bryan building is one of the largest such projects in the works in Dallas. The development also includes a parking garage and almost 10,000 square feet of retail in the triangular shaped building on the eastern edge of downtown Dallas.

Architect Perkins + Will designed the tower with a concrete, brick and glass exterior.

The 2400 Bryan project is one of four high-rise residential buildings in the works for downtown Dallas.