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Council authorizes housing-tax-credit application and development agreement for proposed 55+ affordable community in ETJ
Summary
Council approved a resolution authorizing a developer to pursue housing tax credits for an 11.7-acre parcel in the town’s extraterritorial jurisdiction, and approved a development agreement committing the developer to annexation, 55+ use, a 324-unit cap and negotiated developer contributions in lieu of typical ad valorem taxes.
Staff told the council that a developer seeking Low-Income Housing Tax Credits needs a town resolution indicating no objection so it may proceed with state-level applications. In exchange the developer agreed to consent to annexation and to seek planned-development multifamily zoning limited to a 55-plus senior community capped at 324 units.
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