Title
Consider public testimony regarding, and a revised resolution expressing no objection to the creation of an affordable multifamily housing complex known as the Shadow Ridge Apartments.
Body
After conducting a public hearing, the City Council adopted a resolution on November 22, 2016 expressing no objection to the creation of up to 256 units in the Shadow Ridge Apartments affordable multifamily housing complex. The developer has since determined that they would like to have the option of constructing an additional number of units and have therefore requested an amended resolution. This amended resolution does not contain a total number of units. The number of units is limited to 20 units per acre by the MF-2 (Multifamily - medium density) zoning district.
This item is required to be considered by the City Council in accordance with Chapter 2306 of the Texas Government Code. State legislation requires developers seeking tax credits for an affordable housing project to pursue a resolution of non-objection from the local governing body. As it pertains to the City, Pedcor Investments-2016-CLX, L.P. is seeking to construct an income-restricted apartment complex on approximately 23 acres of land at 2250/2300 East Old Settlers Boulevard, which is just northwest of the intersection of E Old Settlers Blvd and N A.W. Grimes Blvd. Shadow Ridge Apartments, as it will be known, is proposed to be financed, in part, by equity generated from low-income housing tax credits issued by the Texas Department of Housing and Community Affairs. Prior to a decision on the resolution, a public hearing must be held.
The developer is considering the possibility of constructing as many as 316 units on the property, which is zoned for a maximum of 460 units (23 acres @ 20 units per acre). A total of 4 of the units will be affordable to renters earning 50% of the area median income, with the remaining units affordable to renters earning 60% of the area median income. The developer...
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