City OK with new senior development
The Vernon City Commission approved a resolution in support of a senior housing development, despite some opposition. The commission also voted down a request to allow domestic partners of city employees to be added to city insurance. The actions were part of a lengthy city commission meeting held Tuesday night.
The biggest part of the meeting revolved around discussion on the resolution in support of a proposed affordable senior housing named Silverleaf at Vernon. The development is proposed to be built on land located at U.S. 70 and Center Drive. In a Jan. 8 special meeting, the Vernon Business Development Corporation approved selling the 12.57-acre tract to Houston-based Stoneleaf Development Partners LLC for $125,000.
The company then requested the city approve a resolution in support of the development so that the company can submit an application to the TDHCA for 2019 competitive 9 percent housing tax credits. The company would then sell the federal tax credits to Fortune 500 companies to offset the development’s cost of construction, estimated at $7.2 million.
Ben Dempsey, vice president of Stoneleaf, said the development was competing for IRS tax credits in this rural region of Texas, and the winner was usually decided by 1 or 2 points. He said the resolution of support was worth 17 points to the application, so it would “waste our time” to apply without it.
Dempsey added that the project would not be Section 8 housing, but affordable housing for seniors 55 or older.
See the online edition for complete coverage of the commission meeting.