AGENDA CAPTION:
Title
Hold discussion regarding Low Income Housing Tax Credit projects, including those with property tax exemptions and policies governing city council approval of projects.
Body
Meeting date: July 2, 2024
Department: Requested by Mayor Hughson
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Background Information:
The City of San Marcos has the option to approve/disapprove Low Income Housing Tax Credit applications. We have a policy that shows the points required to receive approval. When we first began approving these housing projects, they paid property tax. Recently, some have partnered with the San Marcos Housing Authority who will own the property so no property taxes will be received from these. There may be other reasons why property will not be due.
We know that all residents of San Marcos use various services offered by the city. Some of these include our parks and our public library. We are also responsible for police and fire services. Those services are funded primarily by property and sales tax. Fortunately, a few of these projects have ...
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