Board gives preliminary OK to 140‑unit Buena Vista phase 2 to preserve QCT status

The Health and Education Facilities Board voted to grant preliminary approval for ECG Buena Vista’s phase 2, authorizing the team to seek multifamily housing revenue bonds not to exceed $44,000,000 for a proposed 140‑unit development adjacent to an existing 184‑unit project.

Elsie, the sponsor representative, said the phase‑2 application is being advanced now to preserve points tied to the site’s current Qualified Census Tract (QCT) designation before it is projected to fall out of the designation next year. "It's falling out of the QCT... there's a period of a 2 to 3 month window of time that we're able to do a few procedural processes to actually hold that QCT for 2 years," Elsie said.

She said phase 1 is under construction (about 6–8 months in on a 24‑month construction schedule) and that the phase‑2 site includes a creek that requires environmental navigation. "This site does have a creek that runs through it, and so we are navigating those environmental pieces," Elsie said. Board members asked about risks and construction experience; the board then moved and approved the preliminary inducement.

The action preserves the developer’s ability to proceed with tax‑credit and bond applications that rely on QCT scoring; final financing, allocation and permitting steps remain.