San Marcos - Buda - Kyle Edition | March 2020

CITY& COUNTY

News from San Marcos, Buda, Kyle and Hays County

City Council supports tax credits for two income-restricted projects SANMARCOS Two income-re- stricted housing projects will be

a Low Income Housing Tax Credit, which is administered through the Texas Department of Housing and Community Aairs. Once completed, the Lantana project will provide 216 apartment units, with 22 units restricted for residents making 30% of the area median income, which can range from $19,900-$37,500 in San Marcos, depending on the number of people per household, according to the city website. The remaining units will be reserved for residents making 40%- 60% AMI or less. The developer will have the option to raise the permitted AMI for renters to 70% for some apartment units if demand is present. Mission DG, the developer of Lantana, has partnered with the San Marcos Housing Authority, which will be a general partner of the develop- ment owner and the landlord. The planned project will also provide supportive services and shuttle services to its residents, which is part of the required criteria for developers

revisions and additions, both the Lantana on Bastrop and the Red- wood multifamily housing projects gained the support of the San Marcos City Council. Both projects will be the rst to receive a local tax exemption under an amendment recently adopted into the city’s aordable housing policy. In addition, both projects received the city’s support on applications for

seeking local tax exemption. In lieu of taxes, the developer will give the city an annual payment of $11,000, according to the resolution approved by council. The Redwood Multifamily Housing Project will develop 296 apartment units. From these, 30 units will be restricted for residents making 30% AMI or less. The remaining apartment units will be restricted to residents making 60% AMI or less. LDG Development, the developer of the Redwood project, will be required to make an annual payment of $75,000 in lieu of tax with an increase of $1,500 each year throughout the life of the project. Redwood's developer set a mem- orandum of understanding with the Hays-Caldwell Women’s Center to reserve ve units at 30% AMI or less for transitional housing. In addition, the developer has also agreed to carry out a program with Splash Coworking and provide classes for its residents.

coming to San Marcos after a unani- mous vote at the Feb. 4 City Council meeting. In addition to obtaining the city’s support for federal tax breaks, the projects will be the rst to receive a new local tax exemption to encourage the development of aordable housing. After multiple discussions,

Lantana on Bastrop Multifamily Housing Project 216 Totalunits: Old Bastrop Hwy. and Rattler Road Location: Intersection of

SAN MARCOS

35

RedwoodMultifamily Housing Project Location: Southeast of Hwy. 123 and Redwood Road intersection 296 Totalunits:

123

RATTLER RD.

SOURCE: CITY OF SAN MARCOS COMMUNITY IMPACT NEWSPAPER

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Let's Celebrate Health at orchard park at Kyle!

Orchard Park at Kyle is your home for Assisted Living and Memory Care in the heart of Hays County. Here, our residents are surrounded by everything they need to lead a fulfilling and meaningful life. We enrich the lives of each and every resident and family member because we believe everyone deserves a great life. We're hosting a special Health Fair and you're invited!

Health Fair Thur., March 19 from 10 - 2 p.m. Featuring 12 health care provider agencies attending to include Hospice and Home Health Care.

Please RSVP by March 17 to (512) 320-7885

4701 RATCLIFFE DR., KYLE, TX 78640 PHONE: (512) 320-7885 | LICENSE #:146948

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

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