Item 10: Low-Income Housing Tax Credits - Blanco Basin

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COSM_Admin

Administrator
Staff member
Hold a Public Hearing and consider approval of Resolution 2024-231R, amending Resolution No. 2024-90R, a Resolution of No Objection to the submission of an application for Low-Income Housing Tax Credits to the Texas Department of Housing and Community Affairs for the proposed Blanco Basin multifamily development, generally located north of the intersection between East McCarty Lane and the Union Pacific Railroad, by allowing changes to the proposed amenities list and to the unit income mix, among other possible amendments; and declaring an effective date.
 

JHughson

CoSM Members
It seems that the request is to differ from what council specified to something new which has not yet been determined.
Why is this before us with so much still up in the air?
For the Change in unit income mix, will we see the numbers before it is finalized? Or is this to be a "blank check." ???
I don't see how the unit income can go from 60% to a mix of 70% and 80% and still be at an average of 60%. Numbers won't do that, unless they are including the 30% number.

What is the downside of postponing this until the developers know their plan?

Why is the following recommended for deletion?
"Partnership with local law enforcement or local first responders to provide quarterly on-site social and interactive activities intended to foster relationships with residents (such activities could include playing sports, having a cook-out, swimming, card games, etc.)"
 

COSM_Admin

Administrator
Staff member
Responses provided by Amanda Hernandez, Director of Planning & Development Services:
It seems that the request is to differ from what council specified to something new which has not yet been determined.
Why is this before us with so much still up in the air?
The applicant is opting for a more flexible unit mix option which is permitted by TDHCA (see pg. 38 of the Worksession packet). City Council can approve the resolution without having the exact unit mix.

For the Change in unit income mix, will we see the numbers before it is finalized? Or is this to be a "blank check." ??? The city would not review the final unit mix – it would be established when the TDHCA application is submitted (Aug. 2025 is the applicants estimate)
I don't see how the unit income can go from 60% to a mix of 70% and 80% and still be at an average of 60%. Numbers won't do that, unless they are including the 30% number. The applicant will meet the City’s requested 15% of the units at 30% AMI or less and provided the following possible unit mix options. The applicant will be available at the meeting to discuss further.
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What is the downside of postponing this until the developers know their plan? The applicant is seeking the resolution approval in order to prepare their application. There are multiple possible outcomes using the more flexible unit mix option, allowed by TDHCA. Postponing the decision may affect the applicant’s ability to meet TDHCA deadlines.

Why is the following recommended for deletion?
"Partnership with local law enforcement or local first responders to provide quarterly on-site social and interactive activities intended to foster relationships with residents (such activities could include playing sports, having a cook-out, swimming, card games, etc.)"
It is a duplicate – please see the sentence directly following the crossed-out language.
 
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