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Developer and lender representatives tell El Campo council proposal is market-rate, not low-income
Summary
During public comments, developer representatives clarified a proposed housing project is market-rate with a rent restriction at 115% of AMI; they said average rents would be around $1,400 and underwriting remains in lender review with a projected September groundbreaking.
At the start of the July 28 meeting the council heard public comments from project representatives clarifying the financing and nature of a proposed housing development.
Joseph Bramante (spoke from the podium) apologized for recent confusing newspaper wording and said lender terminology in the notice led to public concern. Bramante said the sponsor had submitted materials in April and that lender underwriting and loan-document preparation remained; he gave an anticipated groundbreaking timeline around September.
Blair Henderson, a CPA with Churchill Stateside Group who identified herself as the lender representative, described the project as a market-rate development and said underwriting aims to ‘‘make sure that we do our due diligence’’ on the sponsor, manager and architect. Henderson said the project includes a rent restriction set at 115% of area median income (AMI) and stressed that the development is not an affordable or low-income deal, adding that higher permitted rents help secure financing and allow the deal to close.
The council did not take formal action on the comments; staff and presenters indicated they will continue the underwriting and permitting process.
