City Council Meeting Update (Oct. 13) — Affordable Senior Rental Housing Development

By a 4-1 vote, with Council Member Julie Schultz abstaining, the council approved item No. 2 on the regular agenda, which authorizes Mayor Nancy Berry to sign a resolution declaring support for the NRP Holdings, LLC Joint Housing Tax Credit and HOME Investment application to the Texas Department of Housing and Community Affairs for 2012 and Conditional HOME Investment Partnership Commitment in support of the application for an affordable senior rental housing development. Council Member Jess Fields voted against the motion.

City staff recommended approval of the Resolution and Conditional HOME Investment Partnership Commitment endorsing the proposed development, and upon approval from the State, promising future consideration of a development agreement allocating up to $1 million in HOME Grant funding for this affordable, mixed income senior residential development. Approximately $390,000 will be recaptured by U.S. Department of Housing and Urban Development if a conditional commitment is not made.

The development will be located adjacent to the College Station Medical Center and Southwood Community Park. The proposed development would consist of 96 one- and two-bedroom units.  Exterior construction will be 100 percent masonry, and amenities will include an elevator, club house, workout room and pool.

The mixed-income development will serve seniors and will be constructed with private funds, State of Texas Low-Income Housing Tax Credit funding, and federal funds from the city’s HOME Investment Partnership grant. The State Housing Tax Credit Program requires the property to be maintained as an affordable senior housing development for a minimum of 30 years.  The city’s 2010-2014 Consolidated Plan identified a need for affordable senior housing. Actual funds for the project will only be made available after it has been approved by the Texas Department of Housing and Community Affairs.

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