The agreements were necessary to allow the Texas Housing Foundation and Embrey Partners to operate an affordable housing development in the Bar W Ranch East Planned Development Unit, which is close to the intersection of Kauffman Loop and Ronald W. Reagan Blvd., according to the agenda item.
The agreements enabled the parties to operate the development without paying property taxes and stated there is a need for affordable housing in the area. Half of the development’s units will be rented to people making, at most, 80% of area median income, according to the summary.
Quote of note
“We hear this from the school district over and over again that they have a hard time hiring teachers because they can’t afford to live here, so this is gonna be really fantastic,” Mayor Christine DeLisle said.
A closer look
The Texas Housing Foundation, a Texas regional housing authority, and Embrey Partners are looking to build a roughly 15.3 acre multi-family housing development in the city, according to agenda documents.
Half of the development’s units will be available to “lower income persons” and senior citizens as long as THF remains a partner in operations, it said.
THF is exempt from taxes since it is a housing authority, according to Texas local government code. Though Embrey would be entitled to that same exemption as partners in the development, the municipal services agreement provided that the company would begin paying fees to the city after 16 years.
