A property owner promising as many as 300 units of affordable housing has struck a deal with the Round Rock City Council to move forward with the development.
The council authorized the city’s mayor at its July 14 meeting to execute a development agreement with LSBD Round Rock 118 for 9 acres near the suburb north of Austin, Community Impact reported.
The city will stipulate that the property will be developed in compliance with its standards and zoning under a multifamily designation. The zoning allows for up to 20 three-story, garden-style apartment buildings per acre. That could mean between 200 and 300 units of affordable housing, said city planner Brad Wiseman at the meeting.
The agreement does not, however, define what is meant by “affordable” housing. The city often refers developers seeking those designations to federal and state requirements, Wiseman said. Income restrictions limiting residents to those who make 60 percent or less of the area median income are the most common, he said.
Like many Texas cities, Round Rock has seen an influx of new residents in recent years, which has driven up housing costs for both buyers and renters, but the trend may have peaked for the suburb. According to recent search data from a national moving company, interest in moving to Round Rock has plunged dramatically since 2021.
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A developer seeking state-funded low-income housing tax credits requires a letter of no objection to a project from the city, Wiseman said. Williamson County, where the property is located, has approved a similar agreement.
The city agreement prohibits the developer from seeking property tax exemptions or abatements and does not include economic development incentives. City staff reported that it would have recommended annexation of the property if it were contiguous with the boundary of Round Rock.
LSBD Round Rock 118 was registered with the Texas secretary of state in January by an agent in Dallas. Its principal address is in Saint Paul, Minnesota, in care of that city’s LS Black Development company, according to Round Rock city documents.
— Cindy Widner