Developers asked the Dripping Springs City Council to support a plan to build a new mixed-income rental housing development in the city. The Council offered a resolution of support for the apartment complex that will include 36 affordable housing rental units combined with 24 market-rate units. Council’s support goes a long way in assisting the developers in achieving the qualifying points necessary during the housing tax credit application process it must undergo to be awarded tax credits needed to offset construction costs so that savings can be passed along to residents in the form of lower rents.
The units will be configured into four two-story apartment buildings. Depending on a resident’s income, monthly rents for low-income units will range from $470-$1,025 for two-bedroom options and $540-$1,200 for three-bedrooms, McDonald said. Market rate units will cost $1,426 for two bedrooms and $1,600 for three bedrooms.
Apartment homes will be in the form of our two-story buildings. Monthly rents for affordable units will be set on a sliding scale based on a household’s income. Rent will range from $470 to $1,025 for a two-bedroom unit and $540 to $1,200 for a three-bedroom unit compared to market rate units that will be set at $1,426 and $1,600 for two- and three-bedroom units.
If the developer is successful in being awarded the Housing Tax Credits needed to make the Ranch Court Apartments viable, construction is expected to begin in March 2020 with a one-year build-out timeline.