Lake Travis - Westlake Edition | May 2024

Education

LTISD considers creating workforce housing The Lake Travis ISD board of trustees discussed forming a public facility corporation to offer rent- and income-restricted housing to district staff at an April 17 meeting. The overview By establishing a public facility corporation, which would be governed by the board of trustees, LTISD could own and lease a property to a developer who would build and run the multifamily housing development. The PFC would provide a 100% property and sales tax exemption to the developer under the condition that over 60% of units were reserved for residents making under 80% of the area median income of $126,000, Shackelford Law representative Kara Hargrove said. Rent for the units could not exceed 30% of those AMI levels, she said. The district could reserve a certain number of

LISD improves in recruiting staff

The process The creation of a public facility corporation allows the district to form partnerships with developers that are advantageous to both parties.

Local government entity creates PFC

Leander ISD has made progress in recruiting and retaining staff members over the last two school years, according to new district data presented at an April 11 board of trustees meeting. The improvements follow a couple years of increased vacancies amid a nation- and statewide teaching shortage; however, some vacancies still exist in the district, LISD officials said. By the numbers District data shows LISD retained 81% of all staff members last school year compared to 76% in the 2021-22 school year. The district also improved retention amongst special education teachers, retain- ing 81% of special education teachers last school year versus 78% in 2021-22.

Developer proposes mixed-income housing

If approved by PFC, developer attains financing from banks or lenders PFC takes ownership of land and leases it back to developer

Developer builds housing

PFC provides tax exemption allowing developer to rent units below market rates

SOURCE: TEXAS AFFILIATION OF AFFORDABLE HOUSING PROVIDERS/COMMUNITY IMPACT

units for staff members and negotiate making the units more affordable if desired, Hargrove said. The board plans to vote on whether to form a PFC at the May 15 meeting, after press time.

MORTGAGES Lower your monthly payments with our interest-only option. If you're looking for ways to reduce your monthly mortgage costs, our interest-only mortgage option could be the answer. Interest-only loans can be an affordable alternative to traditional mortgages since monthly payments are smaller than the typical principal-and-interest mortgage payment. If your future plans include moving, purchasing a second home or any other major life event, interest-only loans can provide great flexibility for shorter-term property owners. Interest-only loan details Loan limits from $766,551 to $5 million Single-family and condo options Primary and second homes (purchase and cash-out refinance) Fixed rates in certain states Adjustable-rate mortgages in all states served Contact me to learn more: Courtney Shuda, Assistant Vice President, Financial Sales Manager courtney.shuda@firstcitizens.com I 512-330-3007 firstcitizens.com

First r;.ai� Citizens Bank.

Account openings and credit are subject to Bank approval. Consult a tax advisor regarding the deductibility of interest. ©202 4 First-Citizens Bank & Trust Company. All rights reserved. MM#13130

16

COMMUNITYIMPACT.COM

Powered by