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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.
Planning staff outlined negotiated financial terms designed to offset the loss of ad valorem taxes under anticipated tax-exempt ownership: an initial developer contribution equal to $10,000 per unit at acquisition (totaling approximately $3,240,000) and an ongoing annual contribution beginning in 2038 that starts at $1,300 per unit and increases subject to cash-flow limits through 2050.
Staff and council members framed the agreement as a partnership that gives the town zoning authority over the parcel (which is currently in the ETJ) while enabling affordable senior housing not otherwise constrained by the town’s limited annexation authority.
Outcome: Council adopted the resolution and then approved the companion development agreement to memorialize conditions tied to annexation, planned-development zoning and developer contributions.
What’s next: The developer will submit state housing-credit applications; town staff will return with planned-development zoning requests and details for infrastructure and amenity standards.
