The city council will consider making amendments to the Affordable/Workforce Housing Policy regarding criteria for approval of applications to low-income housing tax credit program.
The San Marcos City Council will discuss and take possible action on making the following changes during Tuesday’s regular meeting: “amend criteria to ensure if a project is requesting a tax exemption, revenues from such project remain in San Marcos; amend criteria to ensure projects (whether tax exempt or not tax exempt) utilize local support services; add a flowchart to the LIHTC application to more easily distinguish the process and criteria for projects that request a tax exemption and projects not requesting a tax exemption; and add minor revisions to the policy language so that it is easier to read,” according to council’s agenda packet.
The low-income housing tax credit is administered by the Texas Department of Housing and Community Affairs, which awards tax credits to eligible participants to offset a portion of their federal tax liability in exchange for production or preservation of affordable rental housing.
