EDIC briefed on likely low‑income housing tax credit applications; Beyond Shelter reports large senior wait list
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Summary
Staff told the committee it expects multiple applications for low‑income housing tax credits this fall; Dan Matler of Beyond Shelter said demand for senior affordable units is high, noting a 39‑unit senior building opened in August 2024 carried a wait list of 172 households.
At the May 27 meeting staff previewed several projects that may seek local incentive pilots to support applications for low‑income housing tax credits this fall. The committee received the item for information and held a brief discussion with Dan Matler, CEO of Beyond Shelter.
Jim Gilmore said the state deadline for 2025 low‑income housing tax credit applications is Sept. 30 and that the city’s local pilot approvals can make an application more competitive. Gilmore listed projects that may apply this season: a downtown Eleventh Street project of roughly 260 units seeking 4 percent LIHTC financing aimed at family housing; a housing authority project on Eighteenth Street and 25th Avenue with about 60 units replacing row homes; and a downtown building on Fourth Street the authority is evaluating but has not yet committed to apply for.
Dan Matler told the committee that Beyond Shelter’s recently opened Plaza Apartments (39 senior units, opened August 2024) filled immediately and generated a wait list of 172 senior households. “All 39 units were spoken for immediately and we had a wait list of 172 senior households waiting to get in,” Matler said, adding that he has worked in affordable housing for 31 years and had not seen that level of demand outside of disaster‑related housing loss.
Staff and committee members discussed the competitive environment for tax credits and recent federal and state actions that may increase available resources. Gilmore told the committee the federal bill raised the supply of LIHTCs statewide by about 12 percent and that the state had increased funding in a housing incentive fund after a legislative adjustment earlier in the session; he cautioned that higher costs for development mean local contributions remain important to make projects feasible.
No vote was taken; staff advised the committee that any pilot requests tied to specific applications will return for committee and commission approval.