An affordable housing development will get no objection from the city if it applies for low-income housing tax credits from the state.
The Riverstone multifamily housing project, to be located at 1430 Wonder World Drive, will provide 336 units, all of which would be affordable housing units, at 51-60 percent of area median income. Council approved a resolution providing no objection to the submission of an application for low income housing tax credits to the Texas Department of Housing and Community Affairs.
The city council had voted Feb. 5 to postpone the resolution until after a discussion at the Feb. 25 Workforce Housing Committee Meeting.
In response to council concerns, the developers have committed to offering financial wellness programs, a community garden, a playground and wifi in common areas, among other amenities. The developers also submitted artist renderings of what the project could look like. City planning chief Shannon Mattingly noted that the resolution council approved states the development must be “substantially similar” to the renderings.
Council members Joca Marquez and Mark Rockeymoore questioned the developer about tenant requirements, such as credit history and three rental references. The developer said they would be flexible in considering applicants’ financial circumstances and rental situation — such as a single mother moving out of her parents’ home for the first time.
“This is kind of a big deal,” Rockeymoore said, “and I want to impress upon you the importance of looking at life situations.”
Council member Melissa Derrick voiced her approval of the Riverstone development.
“I think it’s going to prove to be a really positive asset to our community,” she said.
