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Council supports Stone Creek apartment tax-credit application to extend affordability and fund renovations
Summary
Lewisville city staff recommended—and council approved unanimously—a resolution of no objection to a non-competitive 4% housing tax-credit application that staff said would fund extensive renovations to Stone Creek Apartments and reset the affordability period for the complex.
At a public hearing the City Council unanimously approved a resolution expressing no objection to an application for non-competitive 4% housing tax credits for a proposed renovation of the Stone Creek Apartments, a multifamily property that the staff presentation said is managed as a Denton County Housing Authority project.
Staff explained that the resolution is limited to a statement of the city’s support for the tax-credit application to the Texas Department of Housing and Community Affairs; it does not commit city funds. Staff described proposed renovations that would include interior upgrades (cabinets, countertops, new appliances, tubs and plumbing fixtures, doors, hardware and lighting) and exterior work (siding and fencing repairs, landscaping) along with HVAC replacement.
Staff said the tax-credit financing would provide the cash flow necessary for the owner to complete planned upgrades; without the credits, staff said the owner would likely not undertake the improvements and the long-term affordability term for the units would not be extended. Presenters told council the project is intended to extend the property’s affordability period by an additional 30 years once the tax-credit financing is placed, effectively resetting the compliance period.
Council members asked whether the renovations were primarily to address code violations or to improve building finishes; staff replied the proposed work included both items identified by multifamily inspectors and requested upgrades to finishes and the exterior beyond minimum code. Staff also said the project is associated with Atlantic Housing Foundation/Waters and Stone Creek LP and referenced the Denton County Housing Authority in the presentation.
On timing, staff said the existing Land Use Restriction Agreement (LURA) for the property is approaching expiration and that the proposed tax-credit placement would reset the affordability period for another multi-decade term; staff provided an estimate that roughly eight years remained on the current compliance term but did not present an exact statutory expiration date in the hearing record. The public hearing closed with no public speakers signed up, and city council voted to adopt the resolution of no objection by unanimous vote.
The resolution recorded in the meeting supports the property owner’s application to the Texas Department of Housing and Community Affairs for 4% tax credits; any final financing, compliance monitoring and affordability enforcement would be handled by TDHCA and applicable housing authorities.
