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Council backs letter of support for 301 Cypress affordable-mixed housing tax-credit application
Summary
The council approved a resolution of support so developer Overland Property Group can pursue Low-Income Housing Tax Credits for an adaptive-reuse apartment project at 301 Cypress, prompting debate over 35-year affordability commitments and ground-floor commercial space.
The Abilene City Council voted to approve a resolution of support for a proposed adaptive-reuse housing project at 301 Cypress Street, enabling the developer to pursue competitive Low-Income Housing Tax Credits and other multifamily financing.
Project summary: Overland Property Group seeks to convert the existing historic structure at 301 Cypress into a roughly 49-unit apartment community. Developer April Engstrom said the plan would reserve 37 of the 49 units for households at or averaging 60% of area median income, with roughly 25% of units remaining market-rate. Engstrom said the affordability restrictions…
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