The board of trustees approved establishing the Lake Travis ISD Public Facility Corporation at a May 15 meeting. For more than a year, the district has looked to provide more affordable options to employees struggling to afford housing in the area, according to district information.
The setup
Through its newly established PFC, LTISD may own and lease property to a developer who would manage a multifamily housing development. The PFC would provide developers with a 100% property and sales tax exemption under the condition that over 60% of units are affordable, or reserved for those making under 80% of the area median income, or AMI, Shackelford Law representative Kara Hargrove said at an April 17 meeting.
About 40% of units would be for those making less than 80% of the AMI, while 25% of units would be reserved for residents at 60% of the AMI, Hargrove said. Rent for the units could not exceed 30% of those AMI levels, she said.
A certain number of units could be reserved for staff members while some could go to other residents in the area, including first responders, district officials said.
Forming the PFC has not required the district to take further action but will allow it to partner with a developer to build or acquire housing for staff members if it choses to do so, LTISD General Counsel Allyson Collins said.
What they're saying
In a survey of almost 450 staff members, 11% reported living within 20 minutes of work, Superintendent Paul Norton said. Meanwhile, 81% of staff living outside the district said they wanted to move into the district while 56% expressed interest in workforce housing through LTISD, he said.
"I've had multiple developers encourage us to move forward," Place 6 board member Robert Aird said. "They are very interested in partnering in our area and doing this. I'm 100% behind it. I think it's a great thing, and it will help us solve problems ..."
The framework
The board of trustees will govern the PFC as its board of directors, who will serve four-year terms or until their successor is elected, according to the PFC's bylaws. The board of directors will hold public meetings and elect officers, including a president, vice president, secretary and treasurer.
The district could receive revenue from the PFC through various fees, annual ground lease rent payments and a portion of sales tax savings for new construction, Hargrove said. Any revenue received could go toward general operating expenses, said Pam Sanchez, LTISD assistant superintendent for business services.
