Developer seeks council's no‑objection to preserve Sunset Apartments with LIHTC financing

Deborah Reyes, representing developer Ledge Capital, presented a detailed plan to acquire and rehabilitate Sunset Apartments at 1601 Allen Lane, a 150‑unit complex on roughly 10.5 acres. Reyes said Ledge Capital would preserve all 150 units as affordable housing for families earning no more than 60% of area median income and expects approximately $8.3 million in hard costs (about $55,000 per unit) for interior and exterior renovations and site improvements.

The rehabilitation scope described by Reyes includes interior upgrades (cabinetry, new countertops, Energy Star appliances, new flooring, paint, electrical and plumbing fixture replacements and new HVAC systems), exterior work (new roofs, double‑pane windows, porches, underpinning and fresh paint), security and accessibility improvements, upgraded playground and community amenities, and conversion of about 5% of units to ADA accessibility. She said supportive resident services would be coordinated with local providers to promote long‑term housing stability.

Staff recommended the council provide a "resolution of no objection" that the developer needs for a 4% Low‑Income Housing Tax Credit (LIHTC) application to the Texas Department of Housing and Community Affairs (TDHCA). Reyes said financing will rely on the 4% LIHTC and tax‑exempt bond financing; awards and closing are anticipated in July and construction would start about one week after closing with an estimated 12‑month renovation timeline. Councilmember Matlock asked whether HVAC units would be centralized or individual; Reyes said she would provide that specific detail after further budget clarification.

No final council vote on the resolution occurred at this meeting; staff said the resolution of no objection will be placed on the June 8 council agenda for action.