Plano City Council pursues further discussion on tax credits for affordable housing

These discussions follow a decision by Plano City Council to not object to a 4% tax credit for a proposed multifamily development by the Plano Housing Authority on K Avenue in late March. (Liesbeth Powers/Community Impact Newspaper)
These discussions follow a decision by Plano City Council to not object to a 4% tax credit for a proposed multifamily development by the Plano Housing Authority on K Avenue in late March. (Liesbeth Powers/Community Impact Newspaper)

These discussions follow a decision by Plano City Council to not object to a 4% tax credit for a proposed multifamily development by the Plano Housing Authority on K Avenue in late March. (Liesbeth Powers/Community Impact Newspaper)

Plano City Council members continued discussions on the future of housing tax credits for affordable housing at a meeting April 6.

This follows a decision by council to not object to a 4% tax credit for a proposed multifamily development by the Plano Housing Authority on K Avenue in late March.

The K Avenue Lofts, which aims to provide affordable housing in Plano, will be able to include this statement of no objection in its application to receive the housing tax credit from the Texas Department of Housing and Community Affairs. The state department ultimately decides whether the housing community will receive the tax credit, and city approval of the resolution does not indicate support for any proposed plans, staff said at an earlier meeting.

The city also approved support of three applications for 9% housing tax credits at a Feb. 8 meeting. Applications for a 9% tax credit are considered competitive and are submitted only once a year, while 4% applications are accepted year-round. The tax credit would apply to investments put into the property during construction of the multifamily complex.

In an effort to greater control the impact of these tax credits on the city, Council Member Anthony Ricciardelli suggested requiring additional council approval earlier in the process of planning developments eligible for tax credits. This would ideally happen before developers entered into any agreements or partnerships for the property, he said.


State legislators are interested in debating how tax credits and the process to apply for them work in the current legislative session. Plano council members directed staff to indicate their support of this being discussed at the state level while the Texas 87th Legislature's regular session runs. The session ends May 31.

In the meantime, the council encouraged incorporating quarterly reports from the Plano Housing Authority and initiating meetings with staff early in the process of future tax credit applications. A member of city staff will also be present at future Plano Housing Authority board meetings, City Manager Mark Israelson said.

Next steps if the state does not pursue a change in the Legislature would be possibly adopting a resolution to change the process, council members said.

"So [we can] start with [those things] today ... then put something together when it's appropriate on a local level that would address it," Council Member Rick Smith said. "So council does have some governance on these issues."

The K Avenue Lofts expects to sit on the 5.3 acres of land on the corner of K Avenue and Park Boulevard that was rezoned from commercial to a planned development space at a Feb. 23 meeting.

The development expects to include up to 226 apartments made up of a mixture of one-, two- and three-bedroom units. Forty-seven units will be open to any renter, while 179 units will be restricted to workforce households at 60% of the area median income, or approximately $60,000 maximum gross income.
By Liesbeth Powers
Liesbeth graduated from Baylor University with a degree in new media journalism in December 2018. She gained her newspaper experience as a staff writer and multimedia editor at her campus paper, The Baylor Lariat. Liesbeth joined the Community Impact team in August 2019, where she reports on all things Plano and Richardson, including Plano City Council and Dallas Area Rapid Transit.


MOST RECENT

Former Mayor Harry LaRosiliere (right) hands off the gavel to new Mayor John Muns at the May 10 City Council meeting. (Erick Pirayesh/Community Impact Newspaper)
John Muns sworn in as Plano's newest mayor

John Muns was officially sworn in as the 40th mayor of Plano at the May 10 City Council meeting in front of a crowded chamber.

Frisco ISD's new protocols, which no longer make face masks a requirement, will go into effect June 1. (Courtesy Adobe Stock)
Frisco ISD to lift face mask requirement for schools starting June 1

Frisco ISD protocols for summer and fall classes will no longer require students and staff to wear face masks.

Living room.
Latitude Luxury Living now open in Plano

Resident amenities include four courtyards, an outdoor kitchen, a resort-style pool with tanning ledge, a two-story fitness center with a rock-climbing station, and a dog wash area and pet spa.

(Courtesy Adobe Stock)
Agencies seeking comment to improve North Texas biking trails

The Texas Department of Transportation and the North Central Texas Council of Governments are seeking public feedback to improve biking options throughout the Dallas and Fort Worth areas.




Baylor Scott & White Medical Center-Centennial is expanding its cardiovascular services. (Courtesy Baylor Scott & White Health)
Plano heart hospital bringing cardiovascular services to Frisco

Baylor Scott & White The Heart Hospital-Plano—ranked among the top 1% of heart hospitals in the country—is bringing its services to the Frisco hospital and providing relationships and oversight of the program

Food.
Big Tony’s West Philly Cheesesteaks puts customers first in Plano

Anthony “Big Tony” Blaylock grew up in west Philadelphia and moved to Texas in 1995 to start his own cheesesteak business.

Five men in an office cutting a ribbon
Toyota Insurance Management Solutions opens headquarters in Plano

Toyota Insurance Management Solutions opened its first office space and national headquarters in Plano.

McKinney Mayor George Fuller has been re-elected for another term. (William C. Wadsack/Community Impact Newspaper)
Local election results, a trash pickup rate increase in McKinney and more top news from the Dallas-Forth Worth area

Read the most popular business and community news from the past week from the Dallas-Fort Worth area.

sandwich
Fat Shack coming soon to Plano

Fat Shack is known for its signature Fat Sandwiches and late-night hours.

Walk-On's is opening in McKinney in 2022. (Courtesy Walk-Ons Sports Bistreaux & Bar)
Co-owner Dak Prescott to launch eatery in McKinney; Goody Goody Liquor coming to Keller and more DFW-area news

Read the latest business and community news from the Dallas-Fort Worth area.

Crumbl Cookies offers over 120 rotating cookie flavors. (Courtesy Crumbl Cookies)
Crumbl Cookies to open in Plano; McKinney trash pickup rates to rise and more DFW-area news

Read the latest business and community news form the Dallas-Fort Worth area.