San Antonio's efforts to more robustly tackle the issue of affordable housing have taken a significant step forward as the City Council has approved changes to the Low-Income Housing Tax Credit (LIHTC) Resolution policy. The move, which took place during the November 6 meeting, aims to align the policy more closely with the goals outlined in the City's Strategic Housing Implementation Plan (SHIP). According to the City of San Antonio's official news release, these tax credits are crucial as they are state-awarded incentives designed to aid in the development of affordable housing units.
Key updates include awarding additional points for projects that promise deeper affordability and the use of project-based vouchers. Moreover, projects are incentivized to strategically include high-quality Pre-K education programs and leverage collaborations through participation in Ready to Work. The updated scoring rubric also encourages developers to build close to transit options and requires letters of support from the community before additional points can be awarded.
According to the City of San Antonio, as part of the revamp, an important amendment was made by Councilmember Kaur that raised the point threshold for obtaining Resolutions of Support from 75 points to 80. This change aims to prompt applicants to refine their housing proposals, ensuring they contribute to vital community services and substantially advance the affordability aspect. "The biggest SHIP goal that we are missing as a City is our 30% AMI Units," Kaur noted in the council meeting, aiming to stress the significance of catering to the needs of the most vulnerable demographics.
The NHSD, after consulting with an advisory group over the span of several weeks, proposed these changes to the council. According to the City of San Antonio, they have been met with support from local leaders who acknowledge the necessity to continuously refine the housing strategy to reflect the community's evolving demands. Ultimately, the hope is that by raising the point threshold through the amendment, it will compel developers not just to meet the bare minimum criteria but to stretch and produce truly impactful affordable housing developments. "These changes to the rubric will incentivize projects that help our most vulnerable residents, and our amendment will ensure that we are sending quality affordable housing developments to the state," Councilmember Kaur explained, emphasizing the commitment to housing equity for low-income residents.
