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Council backs downtown 220-unit tax-credit project, clearing way for state application
Summary
Council approved a resolution acknowledging Lance Equity Partners' Cathedral on Broadway tax-credit application and committing up to $500 in fee waivers to support the developer's application for 4% low-income housing tax credits for a $60M, 220-unit mixed-use project at 980 Broadway.
The Beaumont City Council voted to acknowledge and support an application by Lance Equity Partners LLC for 4% housing tax credits for a proposed $60 million, 220-unit mixed-use development at 980 Broadway, described in the packet as "Cathedral On Broadway." The support includes a commitment of a fee waiver not to exceed $500 to assist the application to the Texas Department of Housing and Community Affairs.
Staff explained state rules require municipality acknowledgement when a jurisdiction already has more than twice the state average of units supported by private activity bonds or housing tax credits; without that acknowledgement the state cannot consider additional subsidized units in that census tract. The developer, Tristan Williams, described a mix of income targets at approximately 50%, 60% and 70% area median income (AMI), on-site amenities, and approximately 369 parking spaces including a parking garage and ground spaces.
Council members probed whether the project is "luxury" or "attainable workforce" housing, how rents and AMI targets translate to monthly rents, management plans, whether vouchers will be accepted (the developer said no, this is not a voucher program), and the project's impact on downtown infrastructure and public safety. Staff emphasized the city's role is limited to permitting and acknowledgement to enable the state review process; any permitting, impact assessments, and infrastructure upgrades would occur later.
After a lengthy Q&A on parking, vacancy and financing mechanics for 4% credits, the council approved the resolution allowing the developer to proceed with the state application. The vote passed.
