This is one of many proposed low-income housing projects the dais has supported over the course of several months.
In addition to the tax credits resolution, council also approved a $400,000 lump sum payment in lieu of taxes.
About the project
The development would be located behind the Aquarena Crossing development—between Aquarena Springs Drive and Davis Lane in San Marcos.
The applicant—Joe Pollack with Streamline Advisory Partners LLC—will be partnering with the San Marcos Housing Authority to provide 304 income-restricted units, according to agenda documents.
The Springs will offer a wide range of amenities, including a swimming pool, a furnished fitness center and community room, and an enclosed dog park. There will also be support services provided to residents, such as notary services during regular business hours and rent reporting.
Offering input
Council member Jude Prather said housing affordability is a common concern among San Marcos residents.
"Two of the most proven ways to address housing affordability is to increase supply and subsidizing housing, and this does both of those," Prather said.
Quote of note
"It is rare that you find this kind of location with any multifamily, and so the opportunities that it provides to the future residents we think make it a great project," said Laura Dupont, vice president of development for Streamline Advisory Partners LLC.
What's next?
Streamline Advisory Partners LLC will begin the permitting process. Once all permits are received, construction will start.
