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Council approves no-objection resolution for Palms at Lake Jackson tax-credit application
Summary
Council voted to approve a resolution of no objection that will allow a developer to apply for 4% housing tax credits and bond financing for a proposed rehabilitation of the 184-unit Palms of Lake Jackson; the developer said the building is 51 years old and in need of rehabilitation.
Council approved a resolution expressing no objection to the application for 4% noncompetitive housing tax credits for The Palms at Lake Jackson, a 184-unit multifamily property that a developer representative described as 51 years old and in dire need of rehabilitation.
"It's a 184 unit, multifamily community. It's 51 years old. It's in dire need of, rehabilitation. That's our intention," the representative said during the public hearing on the request and explained the application path (Southeast Texas Housing Finance Corporation bonds and Texas Department of Housing Community Affairs requirements).
Council members emphasized that the resolution is a procedural "check the box" for the tax-credit application and stressed that the property would remain on the tax rolls; the resolution passed on a voice vote.
