Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves support for Waterford at Spencer Oaks tax-credit rehabilitation and bond financing, 6-1
Summary
Council approved a resolution of no objection and authorized multifamily revenue bonds to enable a 4% low-income housing tax-credit rehabilitation of Waterford at Spencer Oaks, a 208-unit senior affordable complex, in a 6-1 vote Aug. 19.
Denton city council voted 6-1 Aug. 19 to approve a resolution of no objection and to permit the issuance of multifamily housing revenue bonds for a 4% Low-Income Housing Tax Credit rehabilitation of Waterford at Spencer Oaks, a 208-unit senior affordable complex whose current affordability covenants are expiring.
Project and finance
The developer proposes a full rehabilitation of the existing complex and a new 4% tax-credit allocation (the non-competitive federal 4% program relies on tax-exempt multifamily bonds). As part of the award process the project needs a local sponsoring government's approval to enable tax-exempt bond financing. The developer and staff said…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
