City council unanimously backs Big Spring Lofts' 9% tax-credit application and $250 fee waiver for proposed 55+ affordable housing

The Big Spring City Council voted unanimously to approve a resolution supporting the proposed Big Spring Lofts project’s application for competitive 9% low-income housing tax credits and to grant a $250 permit-fee waiver requested by the developer.

Michael Beard of Betco Consulting, presenting for Gianni Capital, told the council the project is proposed off Birdwell north of Sunset near a Lowe’s and is already zoned for multifamily use. He described a 55-and-over rental community comprised of one- and two-bedroom units, with a likely maximum of about 60 units if the developer can optimize the site. Beard said the project’s estimated total development cost is between $11 million and $13 million and that the team plans to apply for the full regional allocation of credits for the area.

Beard described income and rent targeting shown in his slides: he said a one-person household earning $34,620 or less would qualify for the lowest band shown and that the presentation listed example rents "for a 1 bedroom, you're looking at $9.25" and $11.13 for a two-bedroom before applying the TDHCA-approved utility allowance. He also said units would include accessibility set-asides (5% full ADA, 2% hearing/visual) required by the program. The presenter said the project expects equity from LIHTC investors using Section 42 credits and described plans to partner with a local community housing development organization (CHDO) to pursue a 50% property tax exemption under state practice; he offered a back-of-the-napkin estimate that net city property taxes after a 50% exemption might be roughly $50,000–$60,000 per year.

Council members asked about unit mix, utility allowances, acceptance of Housing Choice (Section 8) vouchers, timeline and tax implications. Beard said the team would pay water, sewer and trash, and the TDHCA-approved utility allowance would be used to reduce resident rent charges; he confirmed fair-housing rules require the project to accept qualified voucher holders but said the developer is not applying for project-based vouchers. He gave a timeline of a 2025 award, closing by the end of 2025 or early 2026, and placing the project in service by the end of 2027 if awarded.

Council approved the resolution of support and the $250 fee-waiver request at the meeting under item 17. Mayor and council members voted in favor on the record; the motion passed unanimously.