JMZ Land Co. and BETOC Housing Lab, the projects developers, are in the process of applying for low-income housing tax credits from the Texas Department of Housing and Community Affairs to finance the project. The credits are expected to be awarded to a Central Texas project by June 25.
City Council’s resolution points to the city’s need for affordable projects like Ranch Court Apartments. If funding is secured, however, the developer will still have to return to the city for final project approval and zoning changes later this year.
About the development
James McDonald, who works with JMZ Land Company, said the project’s current plan includes 36 low-income housing units and 24 market rate units on a 10-acre property. The northern-half of the property is located within a dried creek bed and will be preserved as open space, he said.
The units will be configured into four two-story apartment buildings. Depending on a resident's income, monthly rents for low-income units will range from $470-$1,025 for two-bedroom options and $540-$1,200 for three-bedrooms, McDonald said. Market rate units will cost $1,426 for two bedrooms and $1,600 for three bedrooms.
“This is typically [for] your service industry workers that are working at your local restaurants, at your local Home Depot and any of your retail facilities,” McDonald said. “It’s also often your civil servants and some teachers.”
Based on the project’s current timeline, if awarded the credit over the summer and building permits from the city, construction could begin in March 2020 with a one-year build out.