Nacogdoches mayor gives input on Low Income Housing Tax Credit proposals
NACOGDOCHES, Texas (KTRE) - Today Nacogdoches mayor Jimmy Mize addressed what’s already become a controversial proposed development. Four low-income housing proposals are on the drawing board.
In a chamber stakeholder’s call Mayor Mize was asked about proposed federally-backed low income housing developments. They’re in the vicinity of Maroney and University drives. That’s right down the road from the Kenbrook Subdivision.
He began with an explanation of what the proposal is not.
“They’re not a HUD project. They’re not a Section 8 project,” assured Mize.
According to Low-Income Housing Tax Credit, HUD does collect the data on where low income housing is needed.
In Nacogdoches it’s the northeast ward. The information is provided to developers who go after projects in exchange for a tax credit.
“If they win the tax credit they’ll give them about 10% of the project in tax credits which they turn in, they monetize. They turn it into cash. And assert in the project. It lowers their cost. Allows them to charge cheaper rent,” explained Mize.
Vacant land near residential streets is being eyed by developers.
Two of the proposed sites require zoning changes, an unlikely action, according to Mize.
“I would say the one that’s most likely got the best chance for passage would be the one along University behind the Sunridge, just north of Maroney.”
Those areas don’t require zone changes. One proposal is housing for senior citizens. The other is for families.
The city council will receive from NEDCO an overview from on the proposed projects Feb. 1 in a workshop setting. No action will be taken.
On Feb. 3 at 5:30 at the recreation center contractors will explain their proposals to the public.
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