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Council tables vote on Waterford Spencer Oaks tax‑credit request, wants Denton Housing Authority consulted

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Summary

Developers asked the council for a 'no objection' resolution for a 4% tax‑credit rehabilitation of 208 units at Waterford at Spencer Oaks. After public comment and debate over local control and tax‑exempt bond structure, council voted 4‑2 to table and seek a conversation with the Denton Housing Authority before proceeding.

Staff described a 4% Low‑Income Housing Tax Credit application for Waterford at Spencer Oaks — an existing 208‑unit complex — that aims to fund extensive rehabilitation, with developer estimates of about $80,000 per unit for renovations and a 50% property‑tax exemption partnership. Jesse Kent, director of community services, said the project seeks to preserve existing affordable units and avoid displacement by using tax credits plus multifamily revenue bonds as part of the funding package.

Developers and their representatives said the funding would enable necessary repairs and keep rents affordable; public commenters, including longtime local advocate Chris Watts, urged the city to use a local public facility corporation or Denton Housing Authority involvement to keep financing and decisions local. Council debated the tradeoffs: several members said they did not want city dollars or tax revenues leaving Denton or decisions made without local partners; others argued that failing to allow the developer to proceed risks the property reverting to market rate and displacing residents.

Councilmember Jester moved to table the matter to an 'action certain' so staff can consult with the Denton Housing Authority; the motion passed 4‑2. The companion bond item was postponed pending that follow‑up.