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State gives nod to multi-family housing project

State gives nod to multi-family housing project
CITY OF LA VERNIA This preliminary drawing filed with the city of La Vernia depicts the proposed Cayetano Villas of La Vernia, affordable rental housing planned on a 6-acre site on F.M. 1346. The project received approval from the state last week, under the federal Housing Tax Credit Program.

A multi-family development proposed for La Vernia has been given the nod by the Texas Department of Housing and Community Affairs.

“We’re excited to welcome the future Cayetano Villas to the city of La Vernia é” said City Administrator Yvonne Griffin, after the announcement last week. “This is a step in the right direction of attracting new business by offering affordable housing in the city.”

An application for tax credits to the developer of Cayetano Villas of La Vernia was approved by the Texas Department of Housing and Community Affairs July 30. The proposed affordable rental properties are planned for a 6-acre site on F.M. 1346. The project was among 64 allocated a portion of $63.5 million in tax credits to private developers competing in the 2015 Housing Tax Credit Program.

Austin-based Cayetano Housing approached the city of La Vernia earlier this year with the proposal. Cayetano’s Matthew Long outlined the plan in January to the La Vernia City Council and Planning and Zoning Commission.

The proposal, a $7 million project, includes approximately 48 housing units on 6 acres. Cayetano requested and received Housing Tax Credit in the amount of $620,857 under the federal program.

The Tax Credit Reform Act of 1986 created a federal program that encourages development of “affordable housing” by providing Low Income Housing Credits to the developers.

To qualify for the tax credits, developers must meet or surpass local buiding codes to provide residences for people whose income falls between 30 percent and 100 percent of the median adjusted gross income. The federal Housing Tax Credit Program is the state’s primary means of directing private capital toward the development of affordable rental housing. Investors purchase credits allocated to developers, which they use to offset a portion of their tax liability on a dollar-for-dollar basis in exchange for their investment in the property.

Developers use proceeds from the sale as financing for their property.

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