San Marcos City Council approved a resolution supporting the submission of an application for Low Income Housing Tax Credits to the Texas Department of Housing and Community Affairs for Riverview Apartments on Feb. 20.
LIHTCs are meant to provide an equitable financing source that developers can use to create affordable rental housing for low-income households, according to the Texas State Affordable Housing Corporation website.
The Workforce Housing City Council Committee recommended approval of the request on Feb. 13, according to agenda documents.
About the project
The property is located at 601 River Road in San Marcos and consists of 54 housing units—40 of which are permanent Section 8 Housing. Section 8 Housing is a federally-funded voucher program that provides rental assistance payments on behalf of low income individuals and families, according to the Texas Department of Housing and Community Affairs, or TDHCA.
Amanda Hernandez, director of planning and development services, noted that city staff reviewed the request based on the criteria in the city’s affordable housing policy. Hernandez said the request was for a 9% Competitive Housing Tax Credit, most of which are awarded to the city of Austin.
“We rarely get an opportunity to see these,” Hernandez said.
Project details
Project manager and applicant Russell Gardner said the property was acquired in 2022 and had failed two consecutive U.S. Department of Housing and Urban Development inspections.
The 9% tax credit will provide assistance to rehabilitate the property. The resolution of support will also give the applicant additional points on their application from the state.
The developer would provide an array of amenities, including a sport court, community laundry room, covered carport parking and high-speed internet services for all units.
“In addition to renovating the units, we’ll be adding wrap-around supportive services on the property, including K-12 after-school tutoring programs,” Gardner said.
The complex would also offer adult and family skills classes, on-site social events and other recreational activities. However, if there are not many participants in one or more of the aforementioned services, the applicant can change the services offered to better meet the needs of residents, per the TDHCA.
One more thing
Gardner said residents may be temporarily relocated to nearby hotels during renovations.
“No one will be permanently displaced as a result of this renovation, but at least as of right now, the current plan is for temporary relocation to hotels very close to the property,” Gardner said.
Temporary relocation costs will also be funded by the developer.
