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San Marcos council approves loan amendments to fund repairs, extend Terracotta Apartments affordability to 2079
Summary
The council unanimously approved amended loan and regulatory agreements with Terracotta Housing Associates LP to refinance the 168‑unit Terracotta Apartments, fund needed repairs, and extend affordability covenants through 2079; staff said no resident relocations are required.
Sylvia Daniels, city housing staff, told the council the Terracotta Apartments project would refinance its permanent loan to cover maintenance and replacement items including HVAC and boiler replacements, balcony repairs and improvements to common spaces. She said approving amended and restated loan agreements and associated regulatory documents would require subordination of existing debt and would extend affordability controls for the property through 2079.
"The Terracotta Apartments were constructed in 2000 by Bridge Housing Corporation," Daniels said in the staff presentation, noting the development includes 168 deeply affordable units for households at roughly 20 to 50 percent of area median income. "This is a standard affordable development request that occurs in any property reaching this 25 years of operation." She added that the city’s recommendation was to approve the amendments and authorize the city manager to sign the amended documents.
Council members asked whether residents would need to relocate during the renovation work; Daniels said no permanent relocations would be required and that improvements would occur during daytime work.
The council closed the public hearing and voted unanimously to adopt the resolution and related documents authorizing the amended agreements. The staff report said the approval would preserve the property as an affordable asset through 2079 and support continued housing for low‑income families.
What happens next: the council authorized the city manager to execute the amended loan documents and related regulatory instruments. The city clerk’s file contains the council’s resolution as recorded in the meeting minutes; the record includes staff’s description of required debt subordination and planned repairs.
